https://www.taxtmi.com/caselaws?id=436168 The Tribunal concluded that the assessee was the real owner of the land, with the sellers being benamidars. The capital gains were assessed based on the original sale consideration of Rs. 2.24 lakh per cent, vacating the CIT(A)'s decision. The Tribunal allowed the Revenue's appeal, directing the conversion of protective assessments in the sellers' hands to substantive assessments in the assessee's hands. The Tribunal also noted the ineligibility of the assessee's Section 54B claim for the relevant assessment year. en-us Mon, 03 Apr 2023 00:00:00 +0530 Wed, 05 Apr 2023 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436168 The Tribunal concluded that the assessee was the real owner of the land, with the sellers being benamidars. The capital gains were assessed based on the original sale consideration of Rs. 2.24 lakh per cent, vacating the CIT(A)'s decision. The Tribunal allowed the Revenue's appeal, directing the conversion of protective assessments in the sellers' hands to substantive assessments in the assessee's hands. The Tribunal also noted the ineligibility of the assessee's Section 54B claim for the relevant assessment year. Case-Laws Income Tax Mon, 03 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436168