https://www.taxtmi.com/caselaws?id=411381 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 11,55,30,800/- made by the AO on account of long-term capital gain. It concluded that the individual members of the society were the real owners of the property, and the capital gain was rightly taxable in their hands to avoid double taxation. The ITAT found no evidence to establish the non-genuineness of the members and dismissed the revenue's appeal. en-us Thu, 19 Aug 2021 00:00:00 +0530 Tue, 24 Aug 2021 08:15:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411381 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 11,55,30,800/- made by the AO on account of long-term capital gain. It concluded that the individual members of the society were the real owners of the property, and the capital gain was rightly taxable in their hands to avoid double taxation. The ITAT found no evidence to establish the non-genuineness of the members and dismissed the revenue's appeal. Case-Laws Income Tax Thu, 19 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411381