https://www.taxtmi.com/caselaws?id=426140 The Tribunal ruled that the plots of land sold belonged to the individual husbands and not the Hindu Undivided Families, making the capital gains assessable in the hands of the individual assessees. The assessees were found ineligible for exemptions under sections 54B and 54F as the sold land was residential, not agricultural, and the purchased land was not for residential construction. The Tribunal upheld additions made by the Assessing Officer due to lack of evidence supporting the assessees' claims. Claims of double taxation were dismissed, and the Tribunal directed the AO to recompute capital gains and business income accordingly. en-us Fri, 05 Aug 2022 00:00:00 +0530 Tue, 09 Aug 2022 08:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426140 The Tribunal ruled that the plots of land sold belonged to the individual husbands and not the Hindu Undivided Families, making the capital gains assessable in the hands of the individual assessees. The assessees were found ineligible for exemptions under sections 54B and 54F as the sold land was residential, not agricultural, and the purchased land was not for residential construction. The Tribunal upheld additions made by the Assessing Officer due to lack of evidence supporting the assessees' claims. Claims of double taxation were dismissed, and the Tribunal directed the AO to recompute capital gains and business income accordingly. Case-Laws Income Tax Fri, 05 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426140