No Section 54B exemption if property not purchased in the name of assessee

Vandana Maruti Pathare Vs ITO (ITAT Pune) Succinctly, the factual panorama of the case is that the assessee transferred certain agricultural lands and claimed exemption u/s 54B of the Act amounting to Rs.18 lakhs. During the course of assessment proceedings, the assessee submitted that she purchased new agricultural land in the name of her sons, Swapnil M. Pathare and Sonal M. Pathare. Relying on certain decisions, it was put forth that the exemption u/s 54B was available inasmuch as the assessee utilized the sale consideration in purchase of agricultural lands even though the same was in the ...