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2015 (1) TMI 1013 - AT - Income TaxInvoking the jurisdiction under section 153C r.w.s. 153A of the Act - addition to capital gain - Held that:- Assessing Officer was holding the jurisdiction of the person searched under section 132 of the Act, from whose possession certain documents relating to the assessee were found. The said officer also held the jurisdiction of the present assessee before us and the satisfaction in such circumstances can be said to have been exercised by the Assessing Officer before initiating the proceedings under section 153C of the Act. No merit in the plea of the assessee that the document found in the present case being 7/12 extracts, landholding of the assessee, being a public document, cannot be said to be a document on the basis of which, the proceedings under section 153C of the Act could be initiated. - Decided against assessee. Addition of family income in the hands of assessee - Held that:- Once the property is being held by the assessee and their family members from year to year jointly, we find no merit in the order of the Assessing Officer, in this regard. The assessee at best could be taxed for the income arising in his hands only of his share in the property and not on account of income arising on account of share of his family members in the property, even though the 7/12 records the name of assessee. The assessee had already declared his share of income from capital gains in assessment year 2002-03. However, the gain arising from the sale of the property is now being taxed in the hands of the assessee in assessment year 2001-02 holding the assessee to be the owner of the whole property. However, we find no merit in the said stand taken by the authorities below, especially in view of the facts and circumstances pointed here-in-above. Accordingly, we direct the Assessing Officer to tax the share of the assessee in the said property in his hands and the balance share of the property is to be taxed in the hands of the other family members who are joint owners of the property. The CIT(A) has vide para 6 of the appellate order held the assessee to be entitled to the deduction under section 54F of the Act in respect of one flat owned by the assessee, against which the Revenue is not in appeal. Accordingly, we direct the Assessing Officer to re-compute the income of the assessee under the head capital gain in the hands of the assessee vis-à-vis his share in the property after allowing the benefit of deduction under section 54F of the Act. - Decided in favour of assesse.
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