Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 919 - AT - Income TaxSale of property - assessee had acquired lease rights over the property on 30.6.1950 by virtue of Settlement and Arrangement deed - Property belongs to the HUF of the assessee Or assessee individual - rights on ancestral property - enactment of Hindu Succession Act, in 1956 - Property acquired by virtue of family settlement deed - HELD THAT:- Prior to the enactment of Hindu Succession Act, in 1956, the ancestral property became the HUF property and after the said Act, the ancestral property becomes the self-acquired property of the person on whom it devolves. In the case before me clearly, the property was inherited by the father of the assessee in 1952 and was also conveyed to the assessee after the death of his father in 1955, i.e. before coming into force of Hindu Succession Act, 1950. Accordingly, the property belongs to the HUF of the assessee and not to the assessee individual. Therefore, the assessment order itself is liable to be quashed. Accordingly, grounds of appeal Nos. 2 and 3 are allowed and the assessment order is set aside.
|