https://www.taxtmi.com/caselaws?id=55392 The Tribunal ruled in favor of the Hindu Undivided Family (HUF), allowing their claim for exemption under Section 54(c) of the Income Tax Act for reinvestment in jewellery after the sale of jewellery. The Tribunal held that the provision did not restrict the exemption to individuals and that HUFs could benefit from it. Despite the Department's argument that the provision applied only to individuals, the Tribunal emphasized that the clause regarding family members dependent on the assessee extended the scope of the exemption without limiting it to individuals. Thus, the assessee's appeal was successful. en-us Thu, 31 Jul 1980 00:00:00 +0530 Fri, 26 Nov 2010 17:48:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55392 The Tribunal ruled in favor of the Hindu Undivided Family (HUF), allowing their claim for exemption under Section 54(c) of the Income Tax Act for reinvestment in jewellery after the sale of jewellery. The Tribunal held that the provision did not restrict the exemption to individuals and that HUFs could benefit from it. Despite the Department's argument that the provision applied only to individuals, the Tribunal emphasized that the clause regarding family members dependent on the assessee extended the scope of the exemption without limiting it to individuals. Thus, the assessee's appeal was successful. Case-Laws Income Tax Thu, 31 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55392