Section 54B of Income Tax Act being an exemption provision needs to be interpreted strictly

Sunil Kisanrao Bagul Vs ACIT (ITAT Pune) ITAT Pune held that provisions of section 54B of the Income Tax Act being an exemption provision needs to be interpreted strictly. Accordingly, as land revenue record clinches that agricultural activity is not carried out on the impugned land, deduction u/s 54B not available. Facts- The case of the assessee was selected for scrutiny. The claim of deduction under section 54B of the Income Tax Act by the assessee was denied by AO. Aggrieved by the order of the AO, the assessee filed appeal before CIT(A). CIT(A) upheld the order of the AO. Aggrieved by the...