https://www.taxtmi.com/caselaws?id=446539 Gujarat HC held that capital gains from property sale should be taxed in hands of AOP members rather than the AOP itself. The AOP purchased property in 1994 and executed conveyance deed in 2005, but allocated shares to members in 1999 through allotment letters. Since members became real owners of their respective shares from 1999 onwards, the AOP ceased to be the owner regarding allocated portions. Tribunal's decision upheld that income was properly taxable in members' hands for assessment year 2008-09. No substantial question of law arose. en-us Tue, 28 Nov 2023 00:00:00 +0530 Wed, 06 Dec 2023 08:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446539 Gujarat HC held that capital gains from property sale should be taxed in hands of AOP members rather than the AOP itself. The AOP purchased property in 1994 and executed conveyance deed in 2005, but allocated shares to members in 1999 through allotment letters. Since members became real owners of their respective shares from 1999 onwards, the AOP ceased to be the owner regarding allocated portions. Tribunal's decision upheld that income was properly taxable in members' hands for assessment year 2008-09. No substantial question of law arose. Case-Laws Income Tax Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446539