The claim of assessee u\/s 54B of the Act was accepted by the AO\u00a0 by assessing the income u\/s 143(3) of the Act.\u00a0 The rectification order was passed u\/s 154 of the Act\u00a0\u00a0 by observing that deduction u.\/s 54B is available only to an individual assessee and not to HUF till the AY. 2012 -13 . It is only\u00a0 vide Finance Act , 2012 claim is allowable to the HUF with effect from 1-4 -2013\u00a0 i.e. from the AY. 2013 -14 onwards.\u00a0 Relevant assessment year being AY. 2012-13 the claim was wrongly allowed . Order of the AO is up held by the CIT (A) . On appeal the Tribunal held that\u00a0 whether the\u00a0 assessee means \u00a0individual only or it includes HUF is a debatable issue accordingly\u00a0 the\u00a0 rectification order is held to be not valid in law\u00a0 . ( ITA No. Chd\/2019 dt . 6-7 -2020) (AY. 2012 -13)<\/p>\n
\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" S. 154 : Rectification of mistake \u2013 Change of opinion – Capital gains – Land used for agricultural purposes \u2013 Claim allowed in original assessment proceedings- Assessee means individual only or it includes HUF- Debatable issue \u2013 Rectification order is held to be not valid in law .[ S.45 , 54B ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14574","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3N4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14574"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14574\/revisions"}],"predecessor-version":[{"id":14575,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14574\/revisions\/14575"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}