Held that the new land was purchased out of funds of HUF and was shown in books of account of HUF. Denial of exemption was not justified merely because a new land was registered in name of co-parcener of HUF. Referred CIT v. Gurnam Singh (2010) 327 ITR 278 (P& H) (HC), Laxmi Narayan v. CIT (2018) 402 ITR 117 (Raj) (HC). (AY. 2013-14)
Babubhai Arjanbhai Kanani (HUF) v. DCIT (2021) 191 ITD 5 (Surat)(Trib.)
S. 54B : Capital gains-Land used for agricultural purposes-HUF-Ownership-Land registered in the name of co-parcener-Land purchased out of sale proceeds of sale of agricultural land of HUF-Exemption cannot be denied.[S. 45]