Dismissing the appeal of the revenue the Court held that ,consideration that arose in hands of HUF on sale of capital asset had been invested for purchase of new residential house in name of some of its members instead of assessee (HUF), deduction is allowable .( AY.2009-10)
PCIT v. Vaidya Panalalmanilal(HUF) (2018) 259 Taxman 19 (Guj)( HC)
S. 54 : Capital gains – Profit on sale of property used for residence -Consideration that arose in hands of HUF on sale of capital asset had been invested for purchase of new residential house in name of some of its members instead of assessee (HUF)- Deduction is allowable .[ S.45 ]