2009 (7) TMI 856

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....w under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") :   "1. Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in holding that income from the property `Aggarwal Market' is to be assessed in the hands of each of the co-owners separately and not in the hands of AOP ?   2. Whether on....

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.... deeds. The area of land purchased and investment made therein was also different in respect of 8 persons. All the 8 persons applied separately to the prescribed authority for approval of construction of shops and separate maps were submitted. However, all the 8 persons started construction jointly and a consolidated map was prepared for the whole area. They decided to share 1/8th of the rental in....

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....al had directed that income from the property should be assessed in the hands of the respondent-assessee on substantive basis as the shares of each assessee are ascertainable and in view of the provision of section 26 of the Act, the same cannot be assessed in the hands of the AOP.   6. We find that under section 26 of the Act where property consisting of buildings or buildings and lands a....