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TMI Blog2010 (11) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... rvashi Dhugga, Standing Counsel for the appellant. Mr. Avneesh Jhingan, Advocate for the respondent. AJAY KUMAR MITTAL, J. 1. This appeal is filed by the revenue against the order dated 28.02.2005, passed by the Income Tax Appellate Tribunal, Delhi Bench, 'G', New Delhi (in short 'the Tribunal') arising out of order passed in ITA No. 1739/Del./2003 for assessment year 1996-97, claiming following substantial question of law:- Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was right in law in holding that the provisions of section 54B is applicable to the cases other than the individuals? 2. Briefly stated, the facts necessary for adjudication as narrated in the appeal are that the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s . Against the order of the CIT(A), the revenue filed an appeal before the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal). The Tribunal vide order dated 28.2.2005 affirmed the order of the CIT(A) and dismissed the appeal holding the assessee entitled to deduction under Section 54B of the Act. Hence, the present appeal by the revenue. 3. We have heard learned counsel for the parties. 4. Learned counsel for the revenue argued that the assessee is a HUF and, therefore, the exemption as claimed by it under Section 54B(1) of the Act was not admissible. She submitted that wherever the legislature intended to grant benefit to Hindu Undivided Families, it had specifically provided for the same in the provision. Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses (hereinafter referred to as the original asset), and the assessee has, within a period of two years after that date, purchased any other land for being used for agricultural purposes, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say,- (i) if the amount of the capital gain is greater than the cost of the land so purchased (hereinafter referred to as the new asset), the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year; and for the purpose of computing in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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