INCOME TAX OFFICER, WARD-3(4), BANGALORE vs. SRI TNN SHETTY(HUF), BANGALORE

In the result, appeal by the revenue is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz Assessment Year : 2005-06

reassessment proceedings, the question whether the assessee should be allowed exemption u/s. 54EC of the Act came up for consideration before the AO. According to the AO, the sale proceeds of Page 3 of 10 the property from the HUF were credited in the partner’s capital account in M/s. Tallam Textiles and HUF obtained a loan from the firm

SMT. A.P. LAKSHMI GOWRI,BANGALORE vs. ITO, BANGALORE

In the result, both the appeals of the assessee are partly allowed