https://www.taxtmi.com/caselaws?id=76026 The Tribunal accepted the plea invoking Section 49(1) of the Income Tax Act, prompting the revenue's appeal. The judgment clarifies that Section 49(1) does not apply as the property was not part of a Hindu Undivided Family. The Assessing Officer erred in assessing capital gains for the directors, as the sale proceeds belonged to the company. The capital gains should have been examined in the company's assessment. The judgment directs the capital gains to be computed for the company, with any tax paid by the directors to be adjusted against the company's dues, ensuring a refund if necessary. en-us Thu, 06 May 2010 00:00:00 +0530 Tue, 28 Jun 2011 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76026 The Tribunal accepted the plea invoking Section 49(1) of the Income Tax Act, prompting the revenue's appeal. The judgment clarifies that Section 49(1) does not apply as the property was not part of a Hindu Undivided Family. The Assessing Officer erred in assessing capital gains for the directors, as the sale proceeds belonged to the company. The capital gains should have been examined in the company's assessment. The judgment directs the capital gains to be computed for the company, with any tax paid by the directors to be adjusted against the company's dues, ensuring a refund if necessary. Case-Laws Income Tax Thu, 06 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76026