No Capital Gains for Joint Owner Without Beneficial Ownership: ITAT Mumbai

Vinod Nihalchand Jain Ltd. Vs ITO (ITAT Mumbai) No Capital Gains When Assessee Is Only Legal Joint Owner & Not Beneficial Owner Assessee is an individual who did not file the return of income since the taxable income was below the basic exemption limit for the year under consideration . Notice u/s 148  was issued and proceedings u/s 147 were initiated on the basis of the information received that the assessee has sold immovable property. Assessee submitted that the immovable property was originally purchased by his brother and the name of the assessee and his father were added to the prop...