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2019 (3) TMI 892 - AT - Income TaxTaxing the right person - land transaction done by the partnership firm - assessment in the hands of partners or partnership firm - sale consideration received by partnership firm is reflected in their books of account and also offered for taxation - tax in the he hands of the individual partners as ultimate beneficiary - HELD THAT:- As gone through the books of account of the assessee as well as partnership firm. It is demonstrated that cash payment was made by the M/s. Pooja Export and credited to the firm M/s. B.U. Bhandari Real Estate Corporation. Transaction of the amount was assessed in the hands of the M/s. B.U. Bhandari Real Estate Corporation. In such scenario, terming the assessee as ultimate beneficiary is not appropriate as evident through the facts on record. That the Hon'ble Supreme Court in the case of ITO Vs. Ch. Atchaiah (1995 (12) TMI 1 - SUPREME COURT) has clearly held that assessment has to be done in the right hands. Therefore, in the present case, when sale of land transaction has been done by the partnership firm, addition cannot be made in the hands of the individual assessee even though he is a partner of the firm. - Decided in favour of assessee.
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