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2014 (9) TMI 1233 - AT - Income TaxCapital gain on sale of land - assessment in hands of HUF or assessee - Whether assessee received the consideration in individual capacity and not in HUF status? - HELD THAT:- We find that the ld CIT(A) has clearly made a finding that the land in question belong to the HUF and therefore tax on capital gain can be levied only on HUF and not the individual assessee. It has been brought to our notice by the ld AR that the capital gain in respect to the land in question has been brought to tax in the hands of HUF. In the light of the aforesaid submission of the ld AR, it would be fair and reasonable to direct the AO to verify the said claim of the ld AR. And in case it is found that the HUF has been taxed for the capital gain on the land in question, then the AO shall delete the same levied on the individual assessee. Therefore we set-aside the order of the ld CIT(A) and remit the matter back to the file of the AO and direct him to verify whether the HUF has been taxed on the capital gain on the land in question, and if so, the addition made on the individual assessee’s need to be deleted. Appeals of the revenue is allowed for statistical purposes.
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