Section 54F exemption cannot be denied merely for purchase of property by HUF in members name

PCIT Vs Vaidya Panalalmanilal (HUF) (Gujarat High Court) The materials on record would suggest that there was no dispute at the hands of the Revenue that the sale consideration arising out of the sale of the capital asset was used for acquisition of a new asset and that such newly acquired asset was also shown in the accounts of the HUF. Revenue’s sole objection is that the sale deed was not executed in the name of the HUF but was in the name of two of the members of the HUF. In our opinion, the Tribunal was right in coming to the conclusion that this was substantial compliance with the ...