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TMI Blog2019 (11) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... ,94,057/- which was processed u/s 143(1) of the Act. Consequent to the survey in the business premises of M/s. Vermont Projects, conducted on 29/08/2011, the assessee filed revised return of income declaring total income of Rs. 3,30,607/-. During the survey proceedings it was found that the assessee along with 10 others had entered into a development agreement with a builder but the assessee has not offered the capital gains therefrom to tax in the original return of income. The A.O. observed that the assessee has filed the revised return of income on 02/12/2011 offering the capital gains to tax, but that is a belated one and that the assessee has also made a claim of exemption of capital gain u/s 54F of the Act. Observing that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion deed dated 01/05/1983 which was stamped by the Registration Authorities on 04/01/1995. Taking the same into consideration, the CIT(A) accepted the assessee's contention that the property belonged to the HUF and that the individual members were liable to capital gain tax. Thus, he partly allowed the appeal. Aggrieved by the decision of the CIT(A), Revenue is in appeal before us. 4. The Learned Counsel for the Assessee submitted that the individual owners, in whose hands the protective assessment has been made, have accepted the assessments and have not challenged the decision of bringing of capital gains to tax in their individual hands and therefore, taxing the same in the hands of the assessee would result in double taxation. 5. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otch of properties which have been partitioned in the ratio of their right in the HUF. 7. Having regard to the rival contentions and the material on record, we find that the property was purchased in the year 1964 in the name of the assessee and his father was no longer alive at that time. From the partition deed, it is seen that various properties were purchased in the names of various persons of the HUF. All those properties have been put into common hotchpotch, and likewise, the property purchased in the name of the assessee also has been put into the common pool of properties and it has been partitioned in favour of the bigger as well as the smaller HUFs. The partition deed was also stamped in the year 1995 which is prior to the survey ..... X X X X Extracts X X X X X X X X Extracts X X X X
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