1994 (9) TMI 22

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....e following question was referred to us for our opinion under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the assessee is entitled to exemption under section 54B even though he is assessed to tax in the status of a Hindu undivided family, and consequently no capital gains could be ass....

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....ption. However, on appeal, the Appellate Assistant Commissioner allowed the exemption claimed by the assessee. On further appeal, the Appellate Tribunal concurred with the view taken by the Appellate Assistant Commissioner. Learned standing counsel for the Department brought to our notice a decision of the Madras High Court in CIT v. G. K. Devarajulu [1991] 191 ITR 211, wherein it is clearly he....