https://www.taxtmi.com/caselaws?id=34371 The court dismissed the appeal by a Hindu Undivided Family (HUF) seeking exemption under Section 54-F of the Income Tax Act for capital gains from the sale of agricultural land. The court found that the purchase of a flat in a cooperative society did not meet the statutory conditions of Section 54-F, including ownership criteria and the timing of payment in relation to the land sale. The court emphasized the necessity of strict compliance with statutory provisions for claiming exemptions under the Income Tax Act. en-us Fri, 07 Aug 2009 00:00:00 +0530 Thu, 15 Mar 2012 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34371 The court dismissed the appeal by a Hindu Undivided Family (HUF) seeking exemption under Section 54-F of the Income Tax Act for capital gains from the sale of agricultural land. The court found that the purchase of a flat in a cooperative society did not meet the statutory conditions of Section 54-F, including ownership criteria and the timing of payment in relation to the land sale. The court emphasized the necessity of strict compliance with statutory provisions for claiming exemptions under the Income Tax Act. Case-Laws Income Tax Fri, 07 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34371