Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 544 - AT - Income TaxCapital gain assessed in the hands of the HUF or individual member/in the hands of the assessee in his individual capacity - property in question was a joint family property - Long term capital gain (LTCG) addition on a protective basis in the hands of the assessee - deemed sale consideration received or receivable by the assessee - transaction involved results in capital gain in the hands of the assessee as one of the co-owner or his father Sri. P.S. Vishwanathappa as the kartha of HUF - assessee submitted that the Assessing Officer erred in adopting market value of constructed area, to be received by the landlord in view of Joint Development Agreement, instead of fair market value of the said asset on the dated of transfer - HELD THAT:- We are of the view that the issue of computation of capital gain has to be remanded to the AO for consideration de novo, in the light of the conclusion that the AO might arrive at in the case of assessment of the HUF on substantive basis. Without a substantive assessment, protective assessment will have no meaning. We make it clear that all the issues with regard to computation of capital gain viz., computation of full value of consideration received on transfer and deduction under section 54F of the Act will also be considered de novo by the AO depending on the outcome of proceedings in the case of the HUF. With these observations, we set aside the order of the AO and direct the issue to be examined afresh by the AO - Appeal by the assessee is treated as allowed for statistical purpose.
|