Case Law Details
Case Name : Babubhai Arjanbhai Kanani (HUF) Vs DCIT (ITAT Surat)
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Surat
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Babubhai Arjanbhai Kanani (HUF) Vs DCIT (ITAT Surat)
we note that entire purchase consideration for agricultural land was paid by utilizing money of HUF. We note that Purchase Deed is in the name of the Coparcener (one of the HUF members). However, the property (land) is owned by HUF. The property (land) is shown in the Balance Sheet of HUF. The Co-parcerner of the HUF may hold property on behalf of the HUF. The HUF money was utilized to purchase the said agricultural land. The HUF is doing agricultural activities. For examp
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