Exemption U/s. 54B on Sale of agricultural land available even if land is cultivated for a part of year during two immediately preceding years

Advertisement Majid Khan Nisar Khan Vs ITO (ITAT Pune) Revenue records clearly show that there was cultivation on the land. In so far as determination of two years period is concerned, the period of two is to be determined from date of sale and not the immediately two preceding financial years. The date of sale of land is 3-1-2012. Thus, the period of two years have to be reckoned from January, 2010 onwards. As has been pointed earlier that the land of the assessee is Jirayat land. The assessee could cultivate Kharif crop only on the land during the period starting from April to September. ...