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2020 (2) TMI 20 - AT - Income TaxAssessment of capital gains in the hands of assessee HUF - claim of the assessee is that the capital gains has arisen in the individual capacity of the assessee - HELD THAT:- As earlier that the assessee has sold agricultural land located within the Municipal limits to a person named Sri Rajesh Runawal, for a consideration of ₹ 13.05 lakhs. However, since Shri Rajesh Runawal agreed before the ADIT(Inv.)Belgaum that the sale consideration was 34.60 lakhs, the assessee also declared the sale consideration at ₹ 34.60 lakhs, as noticed earlier. We noticed earlier that the assessee had originally declared capital loss of ₹ 27.30 lakhs, due to some computational error. However, in the revised return of income, the assessee-HUF herein has declared capital gains as nil, after claiming deduction u/s 54B of the IT Act. It can be noticed that the assessee-HUF, in two occasions, i.e., in the original return and in revised return of income, has conscious declared the capital in its hands. Accordingly, there is merit in the submission of Ld D.R that the assessee has taken a conscious decision to file return of income in the status of HUF only. Assessee has not brought any new material on record to show that the land actually belonged to individual status. As rightly pointed out by the ld.CIT(A), the onus to prove the above said claim would lie on the assessee and the assessee has failed to discharge its onus by bringing cogent material in support his claim. But to confirm the order passed by the ld.CIT(A) on this issue. Appeal filed by the assessee is dismissed
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