HUF eligible to claim section 54B exemption

Sitaram Pahariya (HUF) Vs I.T.O (ITAT Agra)

The bare reading of section 54B,( prior to amendment ) make it abundantly clear that the benefit of section 54 are available to assessee or a parents of his. However, the assessee has been defined in section 2(7) means every person in respect of whom any proceeding under this Act has been taken for the assessment of his income. The person has been defined under section 2(31) which include an individual, Hindu Undivided family etc . The conjoined reading of the above said provisions

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