Bhilawa Industries And Estates vs Income Tax Officer

Authority: ITAT Tribunal/Court: Jabalpur Date: 1991-12-30 AY: 1978-79 Acts: Income Tax Act 1961, Taxation Laws (Amendment) Act 1984, Wealth Tax Act 1957, General Clauses Act 1897 Result: Assessee Citation: (1992) 42 ITD (JAB) 76 Justices: S. L. Banerji, J.M. & R. P. Garg, A.M. Appeal No: IT Appeal Nos. 309/Jab/1986, 155 to 158/(Jab)/1987 and 252 & 253/Jab/1988;
Whether the CIT's revision order under section 263 was barred by limitation --- Held No, as the amended limitation period applied. Whether capital gains from sale of jointly owned property should be assessed in the hands of an Association of Persons (AOP) rather than individual co-owners --- Held No, as no AOP existed and the ITO's exercise of discretion to assess individuals was not erroneous.

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