LTCG addition in hands of firm set aside as property belonged to partner & not firm

DCIT Vs Aakar Hotels (ITAT Nagpur)

ITAT Nagpur held that addition on account of LTCG in the hands of firm not justified as property is belonged to the partner in his individual capacity and didn’t belonged to the firm. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.

Facts- A Search and Seizure action was conducted in the case of Atul Yamsanwar & Others on 25.06.2019. Atul Yamsanwar & others, are partners in the said partnership firm. Assessee had not filed any return of income for the assessment year under consideration. The ca

Please become a Premium member. If you are already a Premium member, login here to access the full content.