Section 54B Deduction cannot be denied if AO not conducted any enquiry about use of land for Agriculture

ITO Vs Mukesh Champaklal Shah (ITAT Pune) The definition of capital asset excludes agricultural land and certain criteria have been placed in this statue to qualify the land as agricultural land. The facts on records demonstrate that both the parties have accepted the land to be an agricultural land. The 7/12 extracts clearly demonstrates the fact that the land to be an agricultural land. The Assessing Officer though agreed the land to be an agricultural land but denied benefit of deduction u/s.54B of the Act to the assessee on the ground that the land was not used by the assessee for agricult...