https://www.taxtmi.com/caselaws?id=367964 The High Court upheld the Tribunal's decision regarding the eligibility of a Hindu undivided family (HUF) for deduction under section 54F of the Income Tax Act. Despite the new residential house being in the names of HUF members, the Court found that the investment was from the HUF's resources and declared in its accounts. The Court emphasized that the technicality of the property being in the members' names did not invalidate the HUF's claim for deduction. The Tax Appeal was dismissed based on substantial compliance with the Act's provisions. en-us Mon, 24 Sep 2018 00:00:00 +0530 Fri, 28 Sep 2018 09:14:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367964 The High Court upheld the Tribunal's decision regarding the eligibility of a Hindu undivided family (HUF) for deduction under section 54F of the Income Tax Act. Despite the new residential house being in the names of HUF members, the Court found that the investment was from the HUF's resources and declared in its accounts. The Court emphasized that the technicality of the property being in the members' names did not invalidate the HUF's claim for deduction. The Tax Appeal was dismissed based on substantial compliance with the Act's provisions. Case-Laws Income Tax Mon, 24 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367964