https://www.taxtmi.com/caselaws?id=13359 The HC ruled on three key issues: 1) It upheld the Tribunal's decision granting the assessee exemption under Section 54E of the Income-tax Act for investments in the UTI Capital Gains Scheme. 2) It ruled that the amount withdrawn from the HC without security should not be taxed until a final decision. 3) It denied a Hindu undivided family exemption under Section 54B, aligning with the Madras HC's interpretation that the benefit is available only to individuals. Thus, the HC decided in favor of the assessee on the first two issues and in favor of the Revenue on the third. en-us Tue, 06 Feb 2007 00:00:00 +0530 Wed, 21 Feb 2024 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13359 The HC ruled on three key issues: 1) It upheld the Tribunal's decision granting the assessee exemption under Section 54E of the Income-tax Act for investments in the UTI Capital Gains Scheme. 2) It ruled that the amount withdrawn from the HC without security should not be taxed until a final decision. 3) It denied a Hindu undivided family exemption under Section 54B, aligning with the Madras HC's interpretation that the benefit is available only to individuals. Thus, the HC decided in favor of the assessee on the first two issues and in favor of the Revenue on the third. Case-Laws Income Tax Tue, 06 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13359