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Commissioner of Income Tax, Hisar Versus Dr. R.S. Sangwan

2016 (1) TMI 460 - PUNJAB AND HARYANA HIGH COURT

Revision u/s 263 - as per CIT(A) entire capital gain out of sale is required to be assessed in the hands of the assessee - incorrect assumption of facts by AO that five other claimed co-owners had legal rights in the property and these legal rights were transferred by the subject sale of flat, renders order of AO as erroneous - ITAT quashed CIT(A) revision orders - Held that:- All the co-owners have signed on the sale deed. All these co-owners had been showing rental income arising out of above .....

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ed their accepted assessment orders. It is also found that on the basis of very same facts the A.O. has taken possible which has to be accepted as correct and, therefore, we do not find any error in this finding of the A.O. We are not in agreement with the ld. CIT's finding that entire capital gain out of sale is required to be assessed in the hands of the assessee alone - Decided in favour of assessee - ITA No. 352 of 2015 (O&M) - Dated:- 3-12-2015 - MR. AJAY KUMAR MITTAL AND MR. RAMENDRA JAIN. .....

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ts and in the circumstances of the case, the Hon'ble ITAT is right in law in holding that twin conditions of order being erroneous and prejudicial to the interest of revenue did not exist? ii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in law in ignoring the position of law that incorrect assumption of facts by the Assessing Officer that five other claimed co-owners had legal rights in the property and these legal rights were transferred by the s .....

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renders the assessment order as erroneous as well as prejudicial to the interest of revenue? 2. Briefly stated, the facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The assessee filed his return of income on 28.11.2006 for the assessment year 2006-07 declaring the total income at ₹ 7,07,090/-. The return was processed under Section 143(1) of the Act on 12.2.2007. Later on, the case was taken up for scrutiny and notice under Section 143(2) of the A .....

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gains corresponding to 1/6th share of the property and as such the Assessing Officer accepted the capital gains so declared. The then Commissioner of Income Tax (for brevity the CIT ) on examining the assessment record found the assessment order dated 21.10.2008 passed by the Assessing Officer under Section 143(3) of the Act as erroneous as well as prejudicial to the interest of the revenue. The CIT vide order dated 7.3.2011 (Annexure A-II) passed under Section 263(1) of the Act set aside the a .....

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ated 30.4.2013 (Annexure A-I) set aside the revisional order passed under Section 263 of the Act and restored the assessment order dated 21.10.2008 passed by the Assessing Officer. Hence, the present appeal by the revenue. 3. After hearing learned counsel for the appellant-revenue, we do not find any merit in the appeal. 4. The assessee has been pursuing his profession of medical practitioner and filed his return of income on 28.11.2006 for the year in question declaring the total income at S .....

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e in profit from sale of the property at ₹ 41,76,828/- after reducing indexed cost of acquisition etc. The Tribunal had noticed that all the co-owners have signed on the sale deed and they had been showing rental income arising out of above flat in their respective returns of income and share had also been shown by the co-owners in their respective returns of wealth. Accordingly, the assessee had only 1/6th share in the sale consideration which had been properly taxed in the hands of the a .....

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7,090/- on 28.11.2006. The assessee has been pursuing his profession of medical practitioner as proprietor of M/s Sangwan Nursing Home. The assessee has shown income from long term capital gains besides professional income. Assessment was completed u/s 143(3) vide order dated 21.10.2008. It is found that the assessee had sold a flat bearing No. E-1/9, Vasant Vihar, New Delhi for a consideration of ₹ 4,51,00,000/-. This house was purchased by the assessee on 24.12.1974 from one Shri S.N. Sh .....

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T, this properly was solely owned by the assessee and has to be assessed in his hands alone. The assessee has claimed that in this property himself and his HUF along with Shri R.S. Sangwan, HUF, Smt. Savitri Sangwan, Shri Yogesh Sangwan and Shri Amar Sangwan are having beneficial interests in the said property as they had also contributed/invested towards the cost of acquisition, construction and made other payments for acquisition of the said property. Photocopy of the written reply submitted b .....

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7; 10,000/- iv. Shri Amar Sangwan Bank Draft No. 98995 dated 10.1.1983 from S.B. A/c No. 10063 of PNB : ₹ 15,000/- v. Cap. Karen Singh Sangwan Bank Draft No. 5176710 dated 10.1.1983 from New Bank A/c No. 12228 of PNB : ₹ 10,000/- vi. Rent from Ghana Embassy for fitting and fixture for the quarter Jan to March, 1983 through Mrs. Savitri Sangwan dated 12.1.1983 : ₹ 12,000/- All the co-owners have signed on the sale deed. All these co-owners had been showing rental income arising .....

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