https://www.taxtmi.com/caselaws?id=416100 The Tribunal ruled in favor of the assessee on all counts. It held that the income from the sale of the land should be treated as "capital gains" in the individual capacity of Shri Ramnikbhai N. Patel and not as "income from other sources." The Tribunal also concluded that the property was not an HUF asset, and therefore, the income from its sale should not be taxed in the hands of HUF. The Tribunal condoned the delay in filing the appeal, emphasizing the need for substantial justice. All the appeals filed by different assessees were allowed. en-us Fri, 26 Nov 2021 00:00:00 +0530 Tue, 21 Dec 2021 08:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416100 The Tribunal ruled in favor of the assessee on all counts. It held that the income from the sale of the land should be treated as "capital gains" in the individual capacity of Shri Ramnikbhai N. Patel and not as "income from other sources." The Tribunal also concluded that the property was not an HUF asset, and therefore, the income from its sale should not be taxed in the hands of HUF. The Tribunal condoned the delay in filing the appeal, emphasizing the need for substantial justice. All the appeals filed by different assessees were allowed. Case-Laws Income Tax Fri, 26 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416100