https://www.taxtmi.com/caselaws?id=70138 The Tribunal partially allowed the appeal, directing the ITO to assess each member separately for capital gains. The valuation of the property as of January 1, 1954, was confirmed at Rs. 50,000, rejecting the assessee's contention for a higher value of Rs. 70,000. The Tribunal held that there was no unity of interest and common design among the individuals to classify them as a Body of Individuals, instead requiring separate assessment for capital gains. en-us Tue, 16 Nov 1976 00:00:00 +0530 Thu, 14 Apr 2011 15:31:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70138 The Tribunal partially allowed the appeal, directing the ITO to assess each member separately for capital gains. The valuation of the property as of January 1, 1954, was confirmed at Rs. 50,000, rejecting the assessee's contention for a higher value of Rs. 70,000. The Tribunal held that there was no unity of interest and common design among the individuals to classify them as a Body of Individuals, instead requiring separate assessment for capital gains. Case-Laws Income Tax Tue, 16 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70138