Property Purchased by Coparceners of HUF in their Individual Capacity is Assessable u/s 64(2)(b): ITAT upholds Revision [Read Order]

Property Purchased - HUF - Individual Capacity - ITAT - Taxscan

The Chennai Income Tax Appellate Tribunal (ITAT) presided by Mr. Mahavir Singh, Vice President and Mr. Manoj Kumar Aggarwal, Accountant Member has held that property purchased by coparceners of Hindu Undivided Family (HUF) in their individual capacity is assessable under section 64(2)(b) and upholds revision. The appellant, M/s. Mahadevan HUF, during the course of assessment…

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