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2017 (10) TMI 1141 - AT - Income TaxLTCG - exemption u/s 54B - scope of amendment - making HUF eligible for claiming exemption u/s. 54B - retrospective or prospective - Held that:- As in view of the plain reading of section prior to amendment and in the light of ratio laid down in the case of Commissioner of Income Tax Vs. G.K. Devarajulu (1990 (12) TMI 36 - MADRAS High Court) we hold that the assessee being HUF is not eligible for claiming exemption u/s. 54B of the Act during the assessment year under appeal. Accordingly, the appeal of the assessee is dismissed. The issue raised in present appeal is identical to the one adjudicated by Hon’ble Madras High Court. There is no scope left for the Tribunal to further interpret the provisions of the section on this aspect or to deliberate on retrospective applicability of amendment to section 54B brought in by the Finance Act 2012. The ld. AR has not brought to our knowledge any judgment of Hon’ble Jurisdictional High Court or the Hon’ble Apex Court suggesting retrospective applicability of the amended provisions of section 54B of the Act. - Decided against assessee.
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