https://www.taxtmi.com/caselaws?id=419211 The appeal involved capital gain taxation in a cooperative housing society. The Commissioner of income-tax (Appeals) ruled that no capital gain would arise in the hands of the society as the flat owners were deemed the real owners. The Assessing Officer was directed to assess the taxability of capital gain in the individual members' hands. Regarding the applicability of section 50C, the Tribunal upheld that capital gain should be taxable only in the hands of the person transferring the asset, which in this case was the individual members, not the society. The Tribunal dismissed the appeal, affirming the Commissioner's decision. en-us Wed, 23 Feb 2022 00:00:00 +0530 Sat, 05 Mar 2022 07:59:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419211 The appeal involved capital gain taxation in a cooperative housing society. The Commissioner of income-tax (Appeals) ruled that no capital gain would arise in the hands of the society as the flat owners were deemed the real owners. The Assessing Officer was directed to assess the taxability of capital gain in the individual members' hands. Regarding the applicability of section 50C, the Tribunal upheld that capital gain should be taxable only in the hands of the person transferring the asset, which in this case was the individual members, not the society. The Tribunal dismissed the appeal, affirming the Commissioner's decision. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419211