Exemption u/s 54B not available when property not purchased in name of assessee

Shri Surta Ram Vs ITO (ITAT Chandigarh) ITAT Chandigarh held that exemption under section 54B of the Income Tax Act is not available when property was not purchased in the name of the assessee. Facts- During the year under consideration, the assessee had sold urban agricultural land for a sum of Rs.49,60,000/-, earning a Long Term Capital Gain of Rs.46,93,099/-. The Long Term Capital Gain was invested by the assessee in the purchase of another agricultural land, for Rs.55,49,242/-, including Stamp Duty and Registration Charges, in the name of his wife. The assessee claimed exemption u/s 54B of...