Exemption u/s 54B is available to HUF with effect from 1st April 2013

Satyawan Vs ITO (ITAT Delhi) ITAT Delhi held that post amendment by Finance Act, 2012 which is effective from 1st April 2013, the exemption u/s 54B of the Income Tax Act is also available to HUF. Facts- The assessee sold agricultural land measuring 4 Kanals for a consideration of Rs.80,00,000/- and purchased another agricultural land in the name of the wife and claimed deduction u/s 54B of the Income Tax Act, 1961 which has been denied by the ld. CIT(A). Being aggrieved, the present appeal is filed. The issue examined is whether the agricultural land which is the ancestral property belonging t...