Section 147 Assessment order passed on Individual for Property of HUF liable to be quashed

Alugaddala Kistaiah Pandu Vs ITO (ITAT Hyderabad) Conclusion: The property was conveyed to assessee after the death of his father in 1955, i.e. before coming into force of Hindu Succession Act, 1950. Accordingly, the property belonged to HUF of assessee and not to assessee-individual. Therefore, the assessment order passed under section 147 for difference in sale consideration and fair market value of property itself was liable to be quashed. Held: AO had received information that assessee-individual had sold property for a consideration of Rs.32,21,000/- during the financial year relevant to ...