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2021 (7) TMI 620 - AT - Income TaxAddition of income on substantive basis - Long Term Capital Gain on sale on ancestral land - co- owrenshiop - protective assessment in the name of all co-owners in their individual capacity have been made - CIT(A) has deleted the addition - whether land sold was ancestral and belongs to Mool Chand, HUF?- HELD THAT:- We derive that the Revenue has at least accepted income on substantive basis in the hands of those five individuals. In such circumstances, the same income cannot be assessed on substantive basis in the hands of the assessee. Further, on perusal of copy of land revenue record, which is a copy dated 28/03/2006, wherein name of five individuals is recorded as owner of the land. In view of this document also those five individuals are owner of their respective shares, and no evidence of any ownership in the hands of Moolchand HUF has been filed by the Revenue before us. We are of opinion that the finding of the Ld. CIT(A) on the issue in dispute is well reasoned and we do not find any error in the same. Accordingly, we dismiss the ground raised by the Revenue.
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