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2022 (5) TMI 1219 - AT - Income TaxLTCG - Co-ownership on land - ancestral property - whether Shri Bhagwan Pathare was the sole owner of the land or whether his sons, daughter-in-law, grandsons and grand-daughters were entitled for sales consideration? - HELD THAT:- As AR submitted ample evidences to demonstrate that the said land is an ancestral property where the assessee, along with his two sons has offered 1/3rd each in their returns of income. A.O in this case has added the entire capital gain in the hands of the assessee alone though the ideal course would have been that the income should have been taxed in the hands of HUF but in this case since 1/3rd has been declared in the respective return of the assessee and his two sons, it is not therefore, justified to include the entire capital gain in the hands of the assessee alone. We are of the considered view that the A.O should assess the capital gain at 1/3rd as shown by the assessee and delete rest of the addition. In view thereof, we set aside the order of the ld. CIT(A) and restore the matter to the file of the A.O with a direction to give effect to our order as per terms aforestated. Appeal of the assessee is allowed for statistical purposes.
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