Exemption U/s 54B allowable on Jirayat type of agricultural land as it was cultivable land

Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune) Conclusion: Assessee was entited for exemption u/s. 54B as the land transferred by assessee was “Jirayat” type of agricultural land and the same was cultivated land as “Jowar crop” was grown on the same in last four years in line. Held: Assessee, along with other two co-owners, entered into a “Development Agreement” with Mr. D for transfer of the land, which was situated within the Municipal Corporation limits of Pune. AO denied the exemption u/s.54B because the property transferred was not an agricultural land. Assessee submitted tha...