Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (9) TMI 73 - HC - Income TaxApplicability of section 54 - individuals "Whether Tribunal was justified in holding that section 54 applies exclusively to individuals only and not to Hindu undivided families?" – Finance Act, 1982 made a change in the law with regard to the applicability of section 54 to individuals with effect from April 1, 1983 - Held there is no ambiguity in the section 54 so as to extend the benefit to persons other than the individual. It may also be mentioned that the benefit was specifically extended to the Hindu undivided family by the Finance Act, 1987 with effect from April 1, 1988, whereby the opening words "where in the case of an assessee being an individual" were substituted by the words "where in the case of an assessee being an individual or a Hindu undivided family".
|