https://www.taxtmi.com/caselaws?id=16259 The court held that the trustee, acting in a representative capacity, was entitled to the benefits of section 54 of the Income-tax Act, 1961. The beneficiaries were considered the real owners of the property and were using it for residence, allowing the deduction claimed by the assessee for the purchase price of the flat from the capital gain arising from the sale of the property 'Aden Hall'. The court ruled in favor of the assessee, overturning the decisions of the lower authorities and disposing of the reference with no order as to costs. en-us Wed, 10 Jun 1998 00:00:00 +0530 Fri, 04 Sep 2009 17:19:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16259 The court held that the trustee, acting in a representative capacity, was entitled to the benefits of section 54 of the Income-tax Act, 1961. The beneficiaries were considered the real owners of the property and were using it for residence, allowing the deduction claimed by the assessee for the purchase price of the flat from the capital gain arising from the sale of the property 'Aden Hall'. The court ruled in favor of the assessee, overturning the decisions of the lower authorities and disposing of the reference with no order as to costs. Case-Laws Income Tax Wed, 10 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16259