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2022 (3) TMI 249 - ITAT MUMBAICapital gain - Computation of capital gain including Section 50C - transfer of capital asset u/s 2(47) - real owners of property/asst - CIT-A deleted the addition - HELD THAT:- The assessee did not show any capital gain in its hand as it did not transfer any property. The assessee taxed the capital gain in the hands of the assessee society, who is not the owner of capital asset. CIT(A) therefore, deleted the addition made by the Assessing Officer in the hands of the assessee and gave a direction to the learned Assessing Officer that 13 members of this society are the owners of the capital asset and therefore, all the issues with respect to capital gain including Section 50C of the Act is required to be examined in the hands of those persons. Capital gain shall always be chargeable to tax only in the hands of the person who transferred their capital asset. In the present case, this society did not transfer anything, as it did not have ownership of the flat, owners of the flat were members of the society, the learned CIT(A) has correctly deleted the addition in the hands of the assessee- society. Revenue could not be aggrieved as learned CIT(A) gave the direction to the learned Assessing Officer for examination of the chargeability of capital gains in the hands of the correct persons. To safeguard interest of revenue, it was for the ld. AO to take call at relevant time. In view of this, we do not find any infirmity in order of the learned CIT(A) and uphold the same - Decided against revenue..
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