HC upholds ITAT’s order, denies capital gains exemption u/s 54B/54F on properties purchased in name of assessee’s married major daughters

HC upholds ITAT’s order, denies capital gains exemption u/s 54B/54F on properties purchased in name of assessee’s married major daughters; ITAT held that the while the term “assessee” can include legal representatives in certain circumstances, it cannot be extended to include married daughters, being possible legal heirs; Rejects assessee’s stand that intention of the Legislature was to extend benefit to assessee’s family members which includes married daughters, being possible legal heirs; HC holds “the language of the aforesaid Sections is very clear that it relates to unmarried daughters.”; Further holds “When the Legislature thought it fit to specify the words ‘unmarried daughters’, the Court cannot substitute the words.” : Telangana & Andhra Pradesh HC