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TMI Blog2014 (6) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... e-President).- This appeal is filed by the assessee. The relevant assessment year is 2009-10. The appeal is directed against the order of the Commissioner of Income-tax (Appeals)-VIII at Chennai, dated January 3, 2013. The appeal arises out of the assessment completed under section 143(3) of the Income-tax Act, 1961. 2. The assessee is engaged in the business of real estate and flat promoter. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the business income of the assessee. This addition was carried in the first appeal, before the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) held that there cannot be a business transaction between wife and husband and, therefore, the profit arising to the assessee out of the above stated transaction cannot be treated as business income. On the other hand, the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of law stated in section 50C in computing the business income of the assessee. 6. We heard Shri T. Banusekar, learned counsel appearing for the assessee, and Shri S. Das Gupta, the learned Joint Commissioner of Income-tax appearing for the Revenue. 7. As far as the order of the Assessing Officer is concerned, it is erroneous inasmuch as, it relates to invoking of section 50C to ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition that there cannot be a business transaction between husband and wife. The Income-tax Act, for its own purpose does not accept the family relationship of husband and wife. They are always treated as separate individuals. The income earned by the assessee is his income and the income earned by his wife is her income. This principle of duality applies to all other transactions entered into betw ..... X X X X Extracts X X X X X X X X Extracts X X X X
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