PAN Cannot Override Legal Ownership- ITAT Blasts Revenue for Taxing Individual Instead of HUF/Trust

Deepan Pulin Mehta Vs ITO (ITAT Ahmedabad)

PAN Cannot Override Legal Ownership- ITAT Blasts Revenue for Taxing Individual Instead of HUF/Trust

In this case, Assessee was taxed on alleged capital gain of Rs.33,24,000/- on sale of an immovable property. He did not file return, as he consistently stated that the property did not belong to him in his individual capacity but was owned by his HUF & a Trust as per the Will of his late father. The Will clearly bequeathed 50% of the property to Assessee’s HUF & 50% to a family Trust. The sale deed itself named the HUF &

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