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Section 54b of income tax act

K Kumar (Partner CA) (31 Points)

22 July 2016

Dear sir and all group members, whether benefit of Section 54B of Income Tax Act is available to HUF before amendment in 2013. This is like directory n clarificatory n explanatory in nature. Any case law??

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 23 July 2016

Not retrospective

K Kumar (Partner CA) (31 Points)
Replied 25 July 2016

But sir case law of K.S. Jain and Sons HUF (DELHI-Trib) 2010 ITL 268 supports that 54B is also for HUF before amendment .

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 25 July 2016

We do use such case laws in support of our appeal, but that doesn't become law. Remember recent judgement of Delhi High court, of service tax over under-construction composite units?

K Kumar (Partner CA) (31 Points)
Replied 26 July 2016

Sir, We need clarification on such case law for appeal only for supporting that 54B is applicable to HUF also before amendment..

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 26 July 2016

Who can help you more than the case law itself?

Take decision in the light of pleading of the assessee (KS Jain & Sons, HUF) for the benefit in its favour, in the light of counter arguments of revenue.

In case, take opinion of any counselor who may plead the case in court, if at all you wish in future.