No denial of sec. 54B relief just because new agricultural land was registered in name of co-parcener of HUF: ITAT

INCOME TAX : Where assessee-HUF sold an agricultural land and out of sale proceeds purchased another agricultural land, since new land was purchased out of funds of HUF and was shown in books of account of HUF and that HUF was doing agricultural activities, assessee-HUF could not be denied deduction under section 54B merely because new land was registered in name of co-parcerner of HUFINCOME TAX : Where assessee-HUF sold an agricultural land and out of sale proceeds purchased another agricultural land, since new land was purchased out of funds of HUF and was shown in books of account of HUF and that HUF was doing agricultural activities, assessee-HUF could not be denied deduction under section 54B merely because new land was registered in name of co-parcerner of HUFwww.taxmann.com Latest Case LawsRead More

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