No Section 54B Deduction on Agriculture Land Purchased in Wife’s Name: ITAT Chandigarh

Zahid Hasan Khan Vs ITO (ITAT Chandigarh) ITAT Chandigarh held that deduction u/s 54B of the Income Tax Act, 1961 is not admissible if the new capital asset i.e. agriculture land is purchased in the name of wife of the assessee. Accordingly, appeal of assessee partly allowed. Facts- Assessee sold land and the same, as per AO, is covered within the ambit of capital assets as per the provision of Section 2(14) as the distance of land sold by the assessee in Village Kansapur falls within 8 Km from the municipal limit of Jagadhri. Thus, AO determined the long term capital gains and held that incom...