J S A RAGHAVA REDDY Vs. APPROPRIATE AUTHORITY

JUDGEMENT

(1.) This petition is filed calling in question the action initiated by the respondents under Chapter XX-C of the IT Act, 1961. The petitioners contend that, pursuant to a partition of an HUF, the property in question is held by them in definite and separate shares. Since sale of the said property has taken place after partition, the consideration is payable to each one of the members of the erstwhile HUF in their respective shares. If so calculated, the value of the property falls outside Chapter XX-C and s. 269UC cannot be invoked in a case where the consideration received is below Rs. 10 lakhs though the total value of the consideration may be in excess of Rs. 10 lakhs.

(2.) Learned counsel on both sides refer to the decision in K. V. Kishore vs. Appropriate Authority [1991 ]189 ITR264 (Mad ) and submit that the matter be disposed of in terms of the said decision.

(3.) Following the said decision and for the reasons stated therein, this petition is allowed and the proceedings impugned in this case stand quashed.