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of <h1>Allahabad HC: Co-owners' 'Aggarwal Market' to be assessed individually</h1> <h3>Commissioner Of Income Tax Versus Late Sri Salekh Chand Through Legal Heirs Smt. Uma Rani& Ors</h3> Commissioner Of Income Tax Versus Late Sri Salekh Chand Through Legal Heirs Smt. Uma Rani& Ors - TMI The Allahabad High Court addressed Wealth Tax References regarding the assessment of 'Aggarwal Market' for the Assessment Years 1986-1987 and 1987-1988. The Court ruled in favor of the assessee, stating that the asset should be assessed in the hands of each co-owner separately, not as an A.O.P. The provisions of Section 3 and Section 4(1) (b) of the W.T. Act were deemed applicable, rather than Section 21-AA. The Court's opinion was sent back to the Tribunal for further action.
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