https://www.taxtmi.com/caselaws?id=26138 The High Court of Madras ruled that four co-owners of a property sold as tenants-in-common should be individually assessed for capital gains, rejecting their classification as a 'body of individuals.' The court emphasized the absence of joint income-earning activities beyond the property sale, distinguishing the case from precedents where such classification was warranted. The judgment favored the co-owners, concluding that without a common purpose or activity beyond the property sale, they could not be considered a body of individuals for assessment. No costs were awarded due to the absence of representation from the assessee. en-us Tue, 11 Mar 1986 00:00:00 +0530 Wed, 03 Feb 2010 10:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26138 The High Court of Madras ruled that four co-owners of a property sold as tenants-in-common should be individually assessed for capital gains, rejecting their classification as a 'body of individuals.' The court emphasized the absence of joint income-earning activities beyond the property sale, distinguishing the case from precedents where such classification was warranted. The judgment favored the co-owners, concluding that without a common purpose or activity beyond the property sale, they could not be considered a body of individuals for assessment. No costs were awarded due to the absence of representation from the assessee. Case-Laws Income Tax Tue, 11 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26138