https://www.taxtmi.com/caselaws?id=20074 The High Court upheld the Tribunal's decision, ruling that the term "assessee" in section 54(1) of the Income-tax Act pertained solely to living individuals and did not include Hindu undivided families. Consequently, the benefit of exemption for capital gains on property sales was denied to the Hindu undivided family, aligning with previous interpretations by various High Courts. The judgment favored the Revenue in this case. en-us Fri, 08 Oct 1993 00:00:00 +0530 Wed, 11 Nov 2009 15:42:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20074 The High Court upheld the Tribunal's decision, ruling that the term "assessee" in section 54(1) of the Income-tax Act pertained solely to living individuals and did not include Hindu undivided families. Consequently, the benefit of exemption for capital gains on property sales was denied to the Hindu undivided family, aligning with previous interpretations by various High Courts. The judgment favored the Revenue in this case. Case-Laws Income Tax Fri, 08 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20074