TILOKCHAND & SONS Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The Assessee, M/s.Tilokchand and Sons, a Hindu Undivided Family (in short 'HUF'), a separate assessable entity under the Income Tax Act, has filed this Appeal under Section 260 A of the Income Tax Act (in short 'the Act '), aggrieved by the order passed by the Income Tax Appellate Tribunal on 27.02.2009, allowing the Revenue's Appeal and denying the benefit of deduction from capital tax as per Section 54 of the Act, as claimed by the Assessee for the A.Y.2005-2006.

(2.) This Appeal was admitted by a Co-ordinate Bench of this Court on 14.09.2009 on the following substantial Questions Of Law:

(3.) The facts in brief resulting in the present Appeal filed by the Assessee before us are as under: