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2010 (2) TMI 74 - HC - Income TaxNature of asset – capital asset or stock in trade - Assessment of wife – statement made by husband, validity there? - Whether under the facts and circumstances the Tribunal order is sustainable having treated all the assets as stock in trade without examining the intention behind holding thereof? – Her husband had offered more than 70 lakhs of income for taxation on behalf of his wife which was accepted by her. The Tribunal further found that at no stage opportunity was claimed by the assessee asserting that the statement of her husband was not binding nor any doubt had arisen at any stage. The husband of the assessee has been dealing with the purchase and sale of property on behalf of his wife and the assessee herself is a share holder in the company known as Ghai Estate Developers Ltd. which is engaged in the business of sale and purchase of property. Therefore the Tribunal found that it would be unreasonable to hold that the statement of the husband of the assessee made in his capacity as her husband was not binding especially when she was fully aware of such statement - held that - It has been found as a fact that merely because the assessee was engaged in the business of buying and selling of property in the name of the company would not result into an inference that she would not held some property as investment in her own name by keeping in view the fact that most of the property had been held by the assessee for the last ten years and that there was no frequent purchase/ sale of the property made in her individual name. – decided in favor of revenue
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