https://www.taxtmi.com/caselaws?id=757587 The ITAT Amritsar allowed the assessee's appeal regarding addition of advance money for land purchase. The Revenue made separate additions in both the HUF and individual's hands for the same transaction. The Tribunal held that since the payment was made by the HUF and addition of Rs. 20 lacs was already made in the HUF's hands for AY 2006-07, no separate addition was required in the individual's assessment. The legal notice and property description supported the HUF's claim, establishing the transaction was conducted by the HUF entity. en-us Mon, 01 Jul 2024 00:00:00 +0530 Mon, 02 Sep 2024 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757587 The ITAT Amritsar allowed the assessee's appeal regarding addition of advance money for land purchase. The Revenue made separate additions in both the HUF and individual's hands for the same transaction. The Tribunal held that since the payment was made by the HUF and addition of Rs. 20 lacs was already made in the HUF's hands for AY 2006-07, no separate addition was required in the individual's assessment. The legal notice and property description supported the HUF's claim, establishing the transaction was conducted by the HUF entity. Case-Laws Income Tax Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757587