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2016 (1) TMI 460 - HC - Income TaxRevision u/s 263 - as per CIT(A) entire capital gain out of sale is required to be assessed in the hands of the assessee - incorrect assumption of facts by AO that five other claimed co-owners had legal rights in the property and these legal rights were transferred by the subject sale of flat, renders order of AO as erroneous - ITAT quashed CIT(A) revision orders - Held that:- All the co-owners have signed on the sale deed. All these co-owners had been showing rental income arising out of above flats in their respective returns of income and share in above property had been shown by the co-owners in respective returns of wealth. From this, it has been proved beyond doubt that the assessee is only 1/6th share holder in the sale consideration which has been property taxed in the hands of the assessee to that extent. It was found for a fact that in the hands of all other co-owners 1/6th of the profit from sale of this house have been accepted by the same A.O. and the ld. CIT has not revised their accepted assessment orders. It is also found that on the basis of very same facts the A.O. has taken possible which has to be accepted as correct and, therefore, we do not find any error in this finding of the A.O. We are not in agreement with the ld. CIT's finding that entire capital gain out of sale is required to be assessed in the hands of the assessee alone - Decided in favour of assessee
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