https://www.taxtmi.com/caselaws?id=784216 Capital gains from sale of an immovable property were assessable in the hands of the "right person" under the Income-tax Act. Relying on the registered sale deed, the ITAT held the firm, as vendor/owner, transferred only land and therefore the entire gain was chargeable in its hands, not in the hands of individual partners, notwithstanding any business discontinuance; partners' proportionate disclosures were contrary to law (SC: Atchaiah). Consequently, the asset was treated as land giving rise to LTCG in the firm's assessment, any proportionate LTCG offered by partners was directed to be excluded from their returns, and tax paid by partners on such wrongly offered income was to be allowed as credit to the firm (SC: Bachulal Kapoor). en-us Fri, 05 Dec 2025 00:00:00 +0530 Wed, 31 Dec 2025 09:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784216 Capital gains from sale of an immovable property were assessable in the hands of the "right person" under the Income-tax Act. Relying on the registered sale deed, the ITAT held the firm, as vendor/owner, transferred only land and therefore the entire gain was chargeable in its hands, not in the hands of individual partners, notwithstanding any business discontinuance; partners' proportionate disclosures were contrary to law (SC: Atchaiah). Consequently, the asset was treated as land giving rise to LTCG in the firm's assessment, any proportionate LTCG offered by partners was directed to be excluded from their returns, and tax paid by partners on such wrongly offered income was to be allowed as credit to the firm (SC: Bachulal Kapoor). Case-Laws Income Tax Fri, 05 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784216