https://www.taxtmi.com/caselaws?id=374408 The Tribunal partially allowed the Assessee's appeal, upholding the assessment order's validity and determining tax liability on the sale proceeds distributed to family members. The Tribunal concluded that the entire sale consideration was assessable only in the Assessee's hands, reduced the long term capital gains tax liability, and upheld the initiation of penalty proceedings and levy of interest under section 234. The decision was based on a thorough analysis of ownership rights, legal provisions, and applicable case law. en-us Fri, 28 Sep 2018 00:00:00 +0530 Fri, 01 Feb 2019 07:29:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374408 The Tribunal partially allowed the Assessee's appeal, upholding the assessment order's validity and determining tax liability on the sale proceeds distributed to family members. The Tribunal concluded that the entire sale consideration was assessable only in the Assessee's hands, reduced the long term capital gains tax liability, and upheld the initiation of penalty proceedings and levy of interest under section 234. The decision was based on a thorough analysis of ownership rights, legal provisions, and applicable case law. Case-Laws Income Tax Fri, 28 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374408