Section 54B Deduction not claimed in return- Can CIT(A) Allow

ITO Vs Smt. Uma Dnyanoba Bhintade (ITAT Pune) The limited issue which arises in the present appeal filed by Revenue is against directions of CIT(A) in allowing the benefit claimed under section 54B of the Act by Assessing Officer, in case the assessee has fulfilled all the conditions laid down in the said section. Admittedly, the assessee had not offered any income from Long Term Capital Gains or Short Term Capital Gains on sale of agricultural land in its hands, in the return of income. However, it had shown exempt agricultural income on account of sale of agricultural land which was duly ref...