https://www.taxtmi.com/caselaws?id=37517 The court ruled that a Hindu Undivided Family (HUF) cannot claim exemption under section 54 of the Income-tax Act for capital gains from property sale. The Income Tax Officer rejected the HUF's claim, bringing the sum under "Capital gains." The Appellate Assistant Commissioner allowed the exemption, but the Income-tax Appellate Tribunal disagreed, stating section 54 applies only to individuals, not HUFs. The court analyzed definitions of "assessee" and "person," finding that section 54 applies to individuals, not HUFs. The judgment favored the revenue, with each party bearing their own costs. en-us Tue, 11 Jul 1978 00:00:00 +0530 Tue, 30 Mar 2010 12:50:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37517 The court ruled that a Hindu Undivided Family (HUF) cannot claim exemption under section 54 of the Income-tax Act for capital gains from property sale. The Income Tax Officer rejected the HUF's claim, bringing the sum under "Capital gains." The Appellate Assistant Commissioner allowed the exemption, but the Income-tax Appellate Tribunal disagreed, stating section 54 applies only to individuals, not HUFs. The court analyzed definitions of "assessee" and "person," finding that section 54 applies to individuals, not HUFs. The judgment favored the revenue, with each party bearing their own costs. Case-Laws Income Tax Tue, 11 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37517