https://www.taxtmi.com/caselaws?id=349986 The Tribunal dismissed the appeals, ruling that Hindu Undivided Families (HUFs) were not eligible for the deduction under section 54B for the assessment year 2007-08. The amendment to section 54B by the Finance Act, 2012, which included HUFs, was not applied retrospectively. The decision was based on the interpretation that prior to the amendment, only individuals were contemplated for the deduction under section 54B. The Tribunal upheld the order of the Commissioner of Income Tax (Appeals), concluding that the amendment could not be applied retrospectively. en-us Thu, 24 Aug 2017 00:00:00 +0530 Sat, 28 Oct 2017 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349986 The Tribunal dismissed the appeals, ruling that Hindu Undivided Families (HUFs) were not eligible for the deduction under section 54B for the assessment year 2007-08. The amendment to section 54B by the Finance Act, 2012, which included HUFs, was not applied retrospectively. The decision was based on the interpretation that prior to the amendment, only individuals were contemplated for the deduction under section 54B. The Tribunal upheld the order of the Commissioner of Income Tax (Appeals), concluding that the amendment could not be applied retrospectively. Case-Laws Income Tax Thu, 24 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349986