https://www.taxtmi.com/caselaws?id=406610 The Tribunal upheld the legality of the initiation of proceedings under Section 147 but ruled in favor of the assessee regarding the addition of capital gains. The Tribunal found that the capital gains liability should be in the hands of the actual owner of the property, Smt. Tripta Nurpuri, not the assessee acting as an agent. The AO's failure to conduct further inquiries and lack of clarity on taxability led to the deletion of the addition in the hands of the assessee, allowing the appeal. en-us Mon, 05 Apr 2021 00:00:00 +0530 Mon, 19 Apr 2021 20:33:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406610 The Tribunal upheld the legality of the initiation of proceedings under Section 147 but ruled in favor of the assessee regarding the addition of capital gains. The Tribunal found that the capital gains liability should be in the hands of the actual owner of the property, Smt. Tripta Nurpuri, not the assessee acting as an agent. The AO's failure to conduct further inquiries and lack of clarity on taxability led to the deletion of the addition in the hands of the assessee, allowing the appeal. Case-Laws Income Tax Mon, 05 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406610