2018 (12) TMI 746

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....f capital gain of the minors in the hands of the assessee. 3. Shri S. Sridhar, the Ld.counsel for the assessee, submitted that the minor daughters got the property by way of settlement deed from their grandmother, therefore, it is their property. After obtaining permission of the High Court under Guardians And Wards Act, according to the Ld. counsel, the property was sold. While getting permission, the High Court imposed a condition that sale proceeds shall be deposited in the bank account. Accordingly, it was deposited in the bank account. Since the property was of the minors, according to the Ld. counsel, it cannot be assessed in the hands of the assessee. On a query from the Bench whether the deposit in the bank account was made in....

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....ribunal is of the considered opinion that it needs to be verified whether the assessee has deposited in the Capital Gains Account or not. 6. We have carefully gone through the provisions of Section 64 of the Act. The word "any such income" as appears in Section 64(1A) of the Act includes capital gain arising out of the sale of the property obtained by the minors from their grandparents by way of settlement. Therefore, the Assessing Officer has rightly clubbed the minors' income in the hands of the assessee. Since the nature of bank deposit is not readily available for verification, this Tribunal is of the considered opinion that the matter needs to be verified by the Assessing Officer. Accordingly, orders of both the authorities below ar....