2007 (8) TMI 320

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.... the court was delivered by M. M. Kumar J.- The Revenue has approached this court by invoking the appellate jurisdiction under section 260A of the Income-tax Act, 1961 (for brevity "the Act") and has challenged the order dated September 29, 2004, passed by the Income-tax Appellate Tribunal, New Delhi Bench A, Delhi, passed in ITA No. 200/Del/04 for the assessment year 1996-97. The Revenue has c....

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....s issued to the assessee on January 12, 2004. 3. He filed his return in the status of "individual" declaring his net income of Rs. 8,50,981. The assessee in the computation of income enclosed with the return, declared the gross capital gain at Rs. 84,13,988 and after claiming deduction under sections 54B and 54F of the Act at Rs. 61,96,375 and Rs.15,03,000, respectively, net capital gain was wo....

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....s) holding that the Assessing Officer was justified in treating the status of the assessee as "HUF" as against "individual". 4. On further appeal to the Income-tax Appellate Tribunal, it was held that the assessment framed by the Assessing Officer was null and void because notice dated January 12, 2004, issued to the assessee under section 148 of the Act was without intimating his status to be ....

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....e Revenue has placed heavy reliance and we find through this letter the assessee has categorically stated that the land was acquired through a court decree, therefore, the status is shown as 'individual'." 5. We have heard learned counsel for the parties and find that firm findings of fact have been recorded by the Tribunal holding that the assessee did not make any statement about the status o....