Held that HUF had been recognized as separate tax entity, before and after amendment and if agricultural land, which was being used by HUF for two years prior to transfer, had been transferred by HUF and HUF purchased any other agricultural land within two years of such transfer, it shall be entitled to benefit of section 54B/54F of the Act. (AY. 2012-13)
Shri Sitaram Pahariya (HUF) v. ITO (2021) 190 ITD 239 / 203 DTR 137 / 212 TTJ 273 (Agra)(Trib.)
S. 54B : Capital gains-Land used for agricultural purposes-Assessee includes HUF-Amendment brought on by Finance Act, 2013, in section 54B by inserting assessee being an individual or his parent, or a Hindu Undivided Family was classificatory in nature. [S. 54F]