1998 (1) TMI 6 - SC - Income Tax

Assessee s house property was assessed to Wealth Tax in the hands of the HUF in which the assessee was a member. The assessee filed his return of Income by including the income from the said house property. Later, he filed a revised return excluding the income from house property as the same was assessed in the hands of the HUF, which was rejected by AO - held that revision petition of assessee u/s 264 is to be considered afresh by CIT.

Summary

The Supreme Court held that the house property's ownership was in question between the individual appellant and the Hindu undivided family. The appellant's claim that the property belonged to the family was not accepted by the tax authorities. The Court found that a more thorough examination was needed and directed the Commissioner of Income-tax to reconsider the appellant's revision petition under section 264 of the Income-tax Act. The previous decisions were set aside, and the appellant's appeal was allowed. No costs were awarded.