https://www.taxtmi.com/caselaws?id=27122 The court ruled in favor of the assessee, allowing the set-off of the amount spent on purchasing new agricultural lands against the capital gains from the acquired lands. The court held that possession of the lands by the Hindu Undivided Family (HUF) before partition should be considered as possession by the coparcener for claiming relief under section 54B of the Income Tax Act, 1961. The court emphasized that the conditions of section 54B were met, and possession by the HUF could be attributed to the coparcener, ultimately dismissing the Revenue's contentions. en-us Mon, 14 Nov 1983 00:00:00 +0530 Wed, 10 Feb 2010 18:02:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27122 The court ruled in favor of the assessee, allowing the set-off of the amount spent on purchasing new agricultural lands against the capital gains from the acquired lands. The court held that possession of the lands by the Hindu Undivided Family (HUF) before partition should be considered as possession by the coparcener for claiming relief under section 54B of the Income Tax Act, 1961. The court emphasized that the conditions of section 54B were met, and possession by the HUF could be attributed to the coparcener, ultimately dismissing the Revenue's contentions. Case-Laws Income Tax Mon, 14 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27122