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2016 (5) TMI 767 - AT - Income TaxSale consideration received - ‘Income from Other Sources’ instead of ‘Income from Long Term Capital Gains’ - deductions claimed u/s. 54EC and 54F denied - Held that:- Assessee being the 4th plaintiff, did not claim any ownership of the property. Therefore, we are of the opinion that both the authorities are correct in rejecting assessee as owner of the property. Even the rectification deed placed on record no where confers any ownership on assessee except indicating that assessee is also party to the transactions with M/s. Team One Builders. How assessee acquired the ownership was not established either before the CIT during the course of proceedings u/s. 263 or before the other authorities in the course of consequential assessment proceedings. Except the fact that assessee has received the so called 1/4th share out of the total consideration, there is no indication of any assessee’s ownership on the property, either to full extent or to 1/4th extent. Therefore, since the ownership on the property is not established to be that of assessee, either at 1/4th or fully, we are of the opinion that the authorities are justified in treating the consideration received by assessee as ‘income from other sources’ and denying the deductions claimed u/s. 54EC and 54F which are applicable only when there is capital gains. - Decided against assessee
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