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The High Court of Madhya Pradesh held that the assessee, an HUF, was not entitled to a deduction under section 54 of the Income Tax Act for the purchase and construction of a house within the stipulated period. The court agreed with a previous decision that the word "assessee" in section 54 refers only to living persons or individuals, not artificial juridical persons. The court's answer to the referred question was in the affirmative, against the assessee.
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