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2019 (11) TMI 74 - ITAT HYDERABADExemption u/s 54F - purchase of property in the name of common pool of family - partition of HUF into smaller HUF - HELD THAT:- Property was purchased in the year 1964 in the name of the assessee and his father was no longer alive at that time. From the partition deed, it is seen that various properties were purchased in the names of various persons of the HUF. All those properties have been put into common hotchpotch, and likewise, the property purchased in the name of the assessee also has been put into the common pool of properties and it has been partitioned in favour of the bigger as well as the smaller HUFs. The partition deed was also stamped in the year 1995 which is prior to the survey in 2011. Therefore, it cannot be considered to be an after-thought. The factum of the partition deed was also brought to the notice of ULC authorities and also to the income tax authorities 269UA proceedings, by one of the coparceners Sri Sanjeeva Rao Bongu. Thus, the factum of partition has been brought to the notice of the Department as well in 1997 itself. Therefore, in view of these documents, which have been considered by the CIT(A) for granting relief, we see no reason to interfere with the same particularly when the protective assessments in the hands of individual co-parceners have become final.. Accordingly, grounds raised by the Revenue are dismissed.
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