KETAN BOLINJKAR Vs. ASSTT. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THESE are four appeals by assessees. Issues, being inter -connected and common, the appeals are disposed of by this common order for convenience.

(2.) GROUNDS raised are common. Out of which, ground Nos. 1 and 2 are not argued before us. Hence not adjudicated and dismissed accordingly. The other common grounds in both the appeals are as under:

(3.) BRIEF facts are the assessees are two brothers holding 1/3rd share in a property at Turner Road, Bandra. The third co -owner is their other brother, Shri Vasant Bolinjkar. The assessees had sold their 1/3rd ownership rights in the property in the year in question and filed return of income declaring capital gains thereon. In the return of income, both the assessee claimed Rs. 6,00,000 each paid to their sister, Mr. Usha Bolinjkar, for vacating the premises in, order to sell the said property (total consideration paid was Rs. 18,00,000). Besides, the assessees claimed exemption from capital gains under section 54. During the course of assessment proceedings, the assessing officer was of the view that both the three co -owners collectively constituted a BOI and framed the assessments on substantive basis on both the brothers as BOI While doing so, the assessing officer accepted the calculation of capital gains but disallowed the amount of Rs. 6 lakhs paid by each to the sister and further denied exemption under section 54 in the case of both the BOIs.