https://www.taxtmi.com/caselaws?id=422959 Capital gains from sale of agricultural land were not taxable entirely in the assessee's hands where the record showed that the sale consideration and gain were reflected by the assessee and his sons in one-third shares each. The Tribunal accepted the assessee's contention that the property was ancestral and that assessment of the full capital gain against him alone was unjustified. It directed taxation only to the extent of the assessee's one-third share and deletion of the balance addition, with consequential relief in the deduction claim under section 54B to be restricted accordingly. en-us Thu, 12 May 2022 00:00:00 +0530 Wed, 25 May 2022 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422959 Capital gains from sale of agricultural land were not taxable entirely in the assessee's hands where the record showed that the sale consideration and gain were reflected by the assessee and his sons in one-third shares each. The Tribunal accepted the assessee's contention that the property was ancestral and that assessment of the full capital gain against him alone was unjustified. It directed taxation only to the extent of the assessee's one-third share and deletion of the balance addition, with consequential relief in the deduction claim under section 54B to be restricted accordingly. Case-Laws Income Tax Thu, 12 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422959