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2017 (12) TMI 1256 - ITAT VISAKHAPATNAMCapital gains exemption u/s 54B - entitlement to exemption - Held that:- It is an undisputed fact that the assessee is a HUF and the assessment year under consideration is A.Y. 2012-13. As per section 54B of the Act, “the assessee or a parent of his are eligible for claiming exemption u/s 54B of the Act”. Subsequently, by Finance Act, 2012 w.e.f. 1.4.2013, section 54B of the Act is amended, which says that “the assessee being an individual or his parent or a Hindu undivided family”. The subsequent amendment made by the Finance Act, 2012 applies only for the assessment year 2013-14 and not for the A.Y. 2012-13. Therefore, the assessee is not entitled to claim exemption u/s 54B of the Act. - Decided against assessee.
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