Dismissing the appeal of the assessee the Court held that ; Tribunal held that sale deed was executed by assessee in his individual capacity and not as ‘karta’ of HUF. Moreover, in sale deed, PAN of assessee in his individual capacity had been given and not PAN of HUF. It was also found that in earlier years, property in question had not been shown as owned by HUF and even sale consideration had also not been deposited in HUF’s bank account. Accordingly the order of Tribunal is affirmed . (AY. 2009-10)
Janak Kanakbhai Trivedi v. ITO (2018) 257 Taxman 367 (Guj.)(HC)
S. 45: Capital gains- Individual or HUF- Sale deed was executed in individual capacity and PAN of the individual-Sale consideration was also not deposited in the HUF’ Bank account-Assessing the capital gains in the assessment of the assessee is held to be justified [ S.4 ]