https://www.taxtmi.com/caselaws?id=410134 The Tribunal allowed the appeal of the assessee, ruling in favor of the Hindu Undivided Family (HUF) in a case involving the rejection of a deduction claim under Section 54B of the Income Tax Act, 1961, for the purchase of agricultural land. Despite the property being registered in the name of an individual coparcener, the Tribunal held that the HUF, which provided the funds for the purchase, was entitled to the exemption as the property was considered HUF property. The decisions of the Assessing Officer and the CIT(A) were overturned, and the HUF was granted the deduction under Section 54B. en-us Thu, 08 Jul 2021 00:00:00 +0530 Mon, 26 Jul 2021 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410134 The Tribunal allowed the appeal of the assessee, ruling in favor of the Hindu Undivided Family (HUF) in a case involving the rejection of a deduction claim under Section 54B of the Income Tax Act, 1961, for the purchase of agricultural land. Despite the property being registered in the name of an individual coparcener, the Tribunal held that the HUF, which provided the funds for the purchase, was entitled to the exemption as the property was considered HUF property. The decisions of the Assessing Officer and the CIT(A) were overturned, and the HUF was granted the deduction under Section 54B. Case-Laws Income Tax Thu, 08 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410134