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2017 (2) TMI 794 - AT - Income TaxCapital gain - rights of the assessee as well as other legal heirs - assessmnet as legal heir - individual share in property - receipt of earnest money - Held that:- The assessee filed the original return in which she had shown the transaction of property under question but later on filed the revised return and try to apprise the Revenue Authorities that she is not a sole owner of the said property and having discussed the details of the legal heirs and other relevant information relating to her deceased husband, it was incumbent upon the Assessing Officer to bring on record all the legal heirs of to assess the impugned capital gain, rather than restricting it in the hands of Mrs. Manjeet Kaur. We have minutely gone through the documents as it reflects from the facts that the assessee have received the earnest money from the Punjab Co-operative House Building Society, Mohali, but there is no document which reflects that earnest money have been distributed among the legal heirs or not even otherwise this required to be invested that whether the assessee had shown herself as sole and exclusive owner of the properties under consideration and/or having any testamentary documents to claim exclusive ownership with rights to take care, deal and disposed off the property under question. We feel it appropriate that the ld. CIT would have taken into consideration of the actual amount received as an earnest money for taxation purposes. Finally as the instant case requires elaborate discussion with regard to the rights of the assessee as well as other legal heirs qua entitlement /rights/ obligation/liabilities of individual and as the order passed by the ld. CIT is erroneous to the extent that he has considered the complete amount including unpaid and unrealized also as notional capital gain, therefore, in our considered opinion, this is fit case to be remanded to the file of the ld. Assessing Officer for deciding afresh while considering the documents pertaining to the sale deed, agreement, society documents, relinquishment deeds etc. and other documents submitted by the other legal heir and/or claim of the Assessee as well the applicability of the same in the instant case and also while considering the Sec.159 and 168 of I.T. Act and Hindu Succession Act etc to which the Assessee and legal heirs are subjected. - Decided n favour of assessee for statistical purposes.
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