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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 ..... ell as the smaller HUFs. The partition deed was also stamped in the year 1995 which is prior to the survey in 2011. Therefore, it cannot be considered to be an after-thought. The factum of the partition deed was also brought to the notice of ULC authorities and also to the income tax authorities 269UA proceedings, by one of the coparceners Sri Sanjeeva Rao Bongu. Thus, the factum of partition has been brought to the notice of the Department as well in 1997 itself. Therefore, in view of these documents, which have been considered by the CIT(A) for granting relief, we see no reason to interfere with the same particularly when the protective assessments in the hands of individual co-parceners have become final.. Accordingly, grounds rais ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.O. reopened the assessment by issuance of notice u/s 148 on 07/02/2012. During the assessment proceedings, the assessee submitted that the assessee held 20% share in the property along with other co-owners, who are the 80% shareholders, and that they have admitted capital gains considering the date of agreement as date of transfer for the purpose of capital gains. The assessee however also submitted that he has not received any kind of possession of the developed property from the developer and the capital gains computation was based on the sft receivable on account of agreement and has claimed exemption u/s 54F in respect of the houses which were to be received by him. The assessee also stated that the property was purchas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. On the other hand, Ld. DR supported the order of the A.O. and submitted that the property belonged to the individual only because the property was registered only in the name of the individual and there was no mention of HUF at any time and even in the development agreement, there was no mention of the HUF but it is only the individuals who had entered into development agreement. It was further submitted that the assessee s claim of larger HUF along with the members is not acceptable since at the time of purchase of property, the assessee s father was no longer alive. Ld DR also pointed out that the partition deed is a mere family arrangement and not a partition of the HUF because female members of the family were also made parti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year 1995 which is prior to the survey in 2011. Therefore, it cannot be considered to be an after-thought. The factum of the partition deed was also brought to the notice of ULC authorities and also to the income tax authorities 269UA proceedings, by one of the coparceners Sri Sanjeeva Rao Bongu. Thus, the factum of partition has been brought to the notice of the Department as well in 1997 itself. Therefore, in view of these documents, which have been considered by the CIT(A) for granting relief, we see no reason to interfere with the same particularly when the protective assessments in the hands of individual co-parceners have become final.. Accordingly, grounds raised by the Revenue are dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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