AO not examined section 54B/54F basic conditions – ITAT refers matter back to AO

Sejalbhai G. Patel Vs ITO (ITAT Surat)

Learned Departmental Representative (ld. DR) for the Revenue submitted that in order to claim the exemption under section 54B of the Act, the agricultural land should be purchased within two years from the date of sale of the original agricultural That is, the agricultural land must have been purchased by the assessee after the sale of the agricultural land (original asset), within two years. These basic conditions are missing in the assessee’s case under consideration, therefore, assessee`s appeal may be dismiss

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