https://www.taxtmi.com/caselaws?id=187325 The High Court of Punjab and Haryana ruled in favor of the revenue, holding that Section 54B(1) of the Income Tax Act, 1961 does not extend the exemption benefit to Hindu Undivided Families (HUFs) but only to individuals. The decision was based on historical perspective and legal precedents from various High Courts, including a previous ruling that prior to the 1988 amendment, the benefit of Section 54 was not applicable to HUFs. As no representation was made for the assessee, the Court aligned with the consistent interpretation across cases and upheld the revenue's position. en-us Mon, 30 Oct 2006 00:00:00 +0530 Tue, 18 Oct 2016 13:15:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187325 The High Court of Punjab and Haryana ruled in favor of the revenue, holding that Section 54B(1) of the Income Tax Act, 1961 does not extend the exemption benefit to Hindu Undivided Families (HUFs) but only to individuals. The decision was based on historical perspective and legal precedents from various High Courts, including a previous ruling that prior to the 1988 amendment, the benefit of Section 54 was not applicable to HUFs. As no representation was made for the assessee, the Court aligned with the consistent interpretation across cases and upheld the revenue's position. Case-Laws Income Tax Mon, 30 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187325