https://www.taxtmi.com/caselaws?id=266769 The Tribunal allowed the appeal filed by the revenue, setting aside the order of the CIT(A) that deleted the disallowance of exemptions claimed under Sections 54 and 54F of the Income Tax Act, 1961. The Tribunal held that the property must be purchased in the name of the Hindu Undivided Family (HUF) to claim these exemptions, and since the new property was registered in the names of individuals instead of the HUF, the assessee was not entitled to the benefits of the exemptions. The legislative intent of Sections 54 and 54F, aimed at reinvestment by the assessee, was not met in this case. en-us Mon, 14 Sep 2015 00:00:00 +0530 Fri, 23 Oct 2015 21:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266769 The Tribunal allowed the appeal filed by the revenue, setting aside the order of the CIT(A) that deleted the disallowance of exemptions claimed under Sections 54 and 54F of the Income Tax Act, 1961. The Tribunal held that the property must be purchased in the name of the Hindu Undivided Family (HUF) to claim these exemptions, and since the new property was registered in the names of individuals instead of the HUF, the assessee was not entitled to the benefits of the exemptions. The legislative intent of Sections 54 and 54F, aimed at reinvestment by the assessee, was not met in this case. Case-Laws Income Tax Mon, 14 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266769