https://www.taxtmi.com/caselaws?id=192567 Capital gains on sale of property were considered exempt under the second proviso to section 12B(1) of the Income-tax Act, 1922 only if the property had been possessed by the assessee or a parent for at least seven years and the required possession was juridical, not merely actual. The Bombay High Court stated that, while the property belonged to a Hindu undivided family, juridical possession was joint with the assessee and his sons and was not exclusively with the assessee. It also held that the word "parent" could not be extended to include sons or a Hindu undivided family. On that reasoning, the exemption was unavailable and the capital gain remained taxable. en-us Wed, 06 Feb 1957 00:00:00 +0530 Tue, 06 Jun 2017 15:31:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192567 Capital gains on sale of property were considered exempt under the second proviso to section 12B(1) of the Income-tax Act, 1922 only if the property had been possessed by the assessee or a parent for at least seven years and the required possession was juridical, not merely actual. The Bombay High Court stated that, while the property belonged to a Hindu undivided family, juridical possession was joint with the assessee and his sons and was not exclusively with the assessee. It also held that the word "parent" could not be extended to include sons or a Hindu undivided family. On that reasoning, the exemption was unavailable and the capital gain remained taxable. Case-Laws Income Tax Wed, 06 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192567