THE HON’BLE SRI JUSTICE V.V.S.RAO AND THE HON’BLE SRI JUSTICE RAMESH RANGANATHAN R.C. No.201 of 1996 ORDER: (Per Hon’ble Sri Justice V.V.S.Rao) This is a reference in respect of the assessment year 1980- 81. The Income Tax Appellate Tribunal referred the following sole question to the High Court under Section 256(1) of the Income Tax Act, 1961. Whether the Income-tax Appellate Tribunal is right in holding that the exemption under sec.54B is available only to an assessee-individual and is not available to an assessee-HUF? Even though notice is served on the assessee, none appears. Therefore, we decline to answer the reference. The R.C. stands disposed of accordingly. _____________ V.V.S.RAO, J ___________________________ RAMESH RANGANATHAN, J Date: 26.10.2010. MRKR