1985 (5) TMI 103 - AT - Income Tax

Summary

The Department appealed regarding capital gain assessment for asst. yr. 1974-75. The ITO assessed the gain in the hands of the assessee. The ld. AAC held the property belonged to smaller HUFs of Onkar Nath and Kishan Chand. The Tribunal upheld the decision, stating the property belonged to the smaller HUFs, not the assessee HUF. The appeal was dismissed.