1983 (8) TMI 37 - HC - Income Tax

Summary

The High Court of Madhya Pradesh granted a certificate for appeal to the Supreme Court in a case involving the interpretation of Section 54 of the Income Tax Act, 1961. The applicant, assessed as a Hindu Undivided Family (HUF), claimed a deduction under Section 54 for capital gains but was denied by the Income Tax Officer. The High Court held that the provisions of Section 54 do not apply to a HUF based on a previous decision. The Court found the question to be a substantial one of general importance warranting Supreme Court review.