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2011 (8) TMI 170 - HC - Income TaxDeduction u/s 54F - Individual or HUF - assessing officer was of the opinion that the property was purchased in the name of the individuals namely Dr.Dinesh Megji Toprani and Mrs.Jyoti Dinesh Toprani and not in the name of the HUF and, therefore, the assessee was not entitled to the deduction under Section 54F of the Income Tax Act, 1961 - . In para10 of its order, the Income Tax Appellate Tribunal has recorded a finding of fact that the immovable property in question has been purchased from the HUF account, that the purchase document records the permanent account number of the HUF and that the income received from the property purchased have been assessed to tax in the hands of the HUF for assessment year 2007-08 - benefit of exemption u/s 54F allowed in the hands of HUF.
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