9911796707
TMI Blog2014 (9) TMI 1233X X X X Extracts X X X X X X X X Extracts X X X X ..... laim of the ld AR. And in case it is found that the HUF has been taxed for the capital gain on the land in question, then the AO shall delete the same levied on the individual assessee. Therefore we set-aside the order of the ld CIT(A) and remit the matter back to the file of the AO and direct him to verify whether the HUF has been taxed on the capital gain on the land in question, and if so, the addition made on the individual assessee s need to be deleted. Appeals of the revenue is allowed for statistical purposes. - ITA No. 1802/Del/2013, ITA No. 1801/Del/2013 And ITA No. 1869/Del/2013 - - - Dated:- 26-9-2014 - Shri R.S. Syal, Accountant Member And Shri A.T. Varkey, Judicial Member For the Appellant : Dr. B.R. R. Kumar, Sr. DR. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return of income declaring total income of ₹ 1,82,718/-. During the course of assessment proceedings, the AO noted cash deposits in his bank a/c for which the assessee submitted that the cash deposits were made out of the sale proceeds of agriculture land. On examination of the sale deed and other documents, the AO noted that agriculture land measuring 93 kanals 13 marlas was sold by the assessee and others on 12.06.2008 for a total consideration of ₹ 12,17,45,000/- to M/s Milestone Mega City Pvt. Ltd. in which the assessee's share of the property was measured to be at 15 kanals 02 marlas for Rs ,96,57,084/ -. The said land is situated at village Kapriwas, PO Dharuhera, Rewari and the assessee produced a certificate accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reas up to a distance of 5 Kms from the municipal limits in all directions'. Since the land in question lies within the limits notified by CBDT, the AO held that it is covered under the definition of capital asset u/s 2 (14) of the Income Tax Act, 1961 (herein after the Act ) and therefore liable for capital gains u/s 45 of the Act. The assessee submitted that the land sold by him belongs to HUF. The A0 asked the assessee to furnish documentary evidence that the land belongs to HUF for which the assessee replied as under:- The agricultural land sold was an ancestral land and the income out of the sales proceeds of said land belong the HUF. The agricultural land was transferred in the name of Sh. Narain Singh from my father Sh. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as per which agriculture land measuring 22 kanals 03 marlas was sold for a total consideration of ₹ 42,916/ - which gives a rate of ₹ 97 per marla or ₹ 15,520/ - per acre. Adopting this rate, the AO worked out the FMV as on 01.04.1981 of the land of the assessee 115 kanals 02 marlas or 302 marlas) as ₹ 29,294/ - and after indexation worked out the Long Term Capital Gains (LTCG) at ₹ 1,94,86,593/- and made the addition accordingly. 8. The AO noted that interest income earned by the assessee on the sale consideration which has been deposited in the bank a/ c has not been offered for tax. The AO stated that the interest income offered for tax is in HUF capacity. Having held that the agricultural land under con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee succeeds in the alternate ground of appeal. The grounds of appeal on merits are therefore not adjudicated upon. 10. We have heard both the parties and have carefully perused the records of the case. We find that the ld CIT(A) has clearly made a finding that the land in question belong to the HUF and therefore tax on capital gain can be levied only on HUF and not the individual assessee. It has been brought to our notice by the ld AR that the capital gain in respect to the land in question has been brought to tax in the hands of HUF. In the light of the aforesaid submission of the ld AR, it would be fair and reasonable to direct the AO to verify the said claim of the ld AR. And in case it is found that the HUF has been taxed for ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
