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2023 (12) TMI 223 - HC - Income TaxCapital gain - real owner of property - Addition in the hands of AOP or members of AOP - whether the respondent-assessee members of the AOP were taxed in their respective hands and not the respondent- AOP with regard to the sale of property in question in the year 2007 relevant to the assessment year 2008-09 ? - Tribunal upheld the order passed by the CIT (A), holding that the members of the AOP were the real owners of the property in question and therefore, the income was liable to be taxed in the members hands HELD THAT:- As the facts are clear in as much as though it is true that the respondent-AOP purchased the property in auction from the Income Tax Department in the year 1994 and the conveyance deed was executed in the year 2005 but in the meanwhile the respondent-assessee allotted the share in the property in question to its members for the contribution made by it in the year 1999. This fact is not disputed by the appellant-Revenue and accordingly, the members of the AOP became the owner of the property in question qua their respective shares in which the allotment was done by the AOP. Therefore it cannot be said that the AOP continued to be the owner of the property as Association of Person is formed by the members for their joint interest in the property and accordingly, once the share of the respective member is allotted by the AOP then the AOP cease to be the owner of the property in question from the year 1999 with respect to the shares which were allotted by issuing the allotment letter. No substantial question of law arising out of the impugned order passed by the Tribunal. No substantial question of law arises.
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