Exemption U/s. 54F cannot be denied merely because capital asset was purchased in individual name of coparcener of HUF

Shri Puranchand & Family (HUF) Vs ITO (ITAT Chennai) Exemption under section 54F cannot be denied merely because capital asset was purchased in the individual name of coparcener of HUF As regards the investment made in the individual capacity, even though HUF is an independent assessable unit under Income Tax Act, under the common law, HUF cannot be considered to be a legal entity. The HUF has to be represented through any one of the coparceners. Therefore, when the assessee HUF invested the funds in the name of any one of the coparcener, it has to be construed that the investment was made...