https://www.taxtmi.com/caselaws?id=427352 The Tribunal set aside the Principal Commissioner of Income Tax's (PCIT) order denying deduction under section 54F to a Hindu Undivided Family (HUF) for long-term capital gains from the sale of plots. It clarified that if the HUF owned only one commercial property, the deduction should not be denied. Additionally, the Tribunal quashed the PCIT's direction to reclassify the income as business income, emphasizing the limited scope of scrutiny. The Tribunal found the PCIT's exercise of revisionary powers erroneous and partly allowed the appeal, remitting the deduction issue back to the PCIT for fresh consideration. en-us Tue, 30 Aug 2022 00:00:00 +0530 Wed, 07 Sep 2022 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427352 The Tribunal set aside the Principal Commissioner of Income Tax's (PCIT) order denying deduction under section 54F to a Hindu Undivided Family (HUF) for long-term capital gains from the sale of plots. It clarified that if the HUF owned only one commercial property, the deduction should not be denied. Additionally, the Tribunal quashed the PCIT's direction to reclassify the income as business income, emphasizing the limited scope of scrutiny. The Tribunal found the PCIT's exercise of revisionary powers erroneous and partly allowed the appeal, remitting the deduction issue back to the PCIT for fresh consideration. Case-Laws Income Tax Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427352