TaxTMI 
TaxTMI 
1993 (2) TMI 32
X X X X Extracts X X X X
X X X X Extracts X X X X
....tax Act, 1961 ("the Act"), This reference relates to the assessment years 1971-72 and 1972-73. There was a bigger Hindu undivided family of one Shri Vallabhdas Chaturbhuj Kapadia, having a property on Walkeshwar Road. The karta of that bigger Hindu undivided family Vallabhdas died some time in 1945 leaving behind his widow, one son. Gordhandas, and three daughters. The widow died some time in April. 1966. During her lifetime, she along with her son. Gordhandas, lived in the said Walkeshwar property. Gordhandas had six sons. Vijay, Krishna, Pratap, Rajesh, Dalip and Ravindra. On the death of the widow of the late Vallabhdas, the said Walkeshwar property came into the hands of Gordhandas and his sons. The three daughters of the late Vallabhd....
X X X X Extracts X X X X
X X X X Extracts X X X X
....esidential premises, they would be entitled to the benefit under section 54 of the Act. The Income-tax Officer as well as the Appellate Assistant Commissioner of Income-tax, on appeal, negatived the case put forward by the assessee-Hindu undivided families as they were of the view that the entire Walkeshwar property belonged to the bigger Hindu undivided family of Shri Gordhandas Vallabhdas Kapadia after the death of Vallabhdas and his widow. They also held that the benefit under section 54 of the Act was available to an individual-assessee and not to a Hindu undivided family-assessee. Therefore, the assessee-Hindu undivided families were not entitled to such a benefit. The assessee-Hindu undivided families took up the matter in appeal to t....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... counsel for the assessee, on the other hand, therefore, supported the order of the Tribunal. As regards the applicability of the provisions of section 54 of the Act, learned counsel for the Revenue pointed out that the benefit under that section was available only to an individual-assessee and not to a Hindu undivided family-assessee. In this view of the matter, he submitted that the Tribunal was not justified in holding that the assessee-Hindu undivided families would be entitled to the benefit under section 54 of the Act. Learned counsel for the assessee, on the other hand, relied on the order of the Tribunal. On a due consideration of the rival submissions of the parties and in view of the clear provisions of the Hindu law, we do not ....