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Benefit u/s 54B can be claimed even if new agricultural land is purchased prior to transfer of previously owned agricultural land
Case Law Details
- Case Name
- Asstt. CIT Vs Dr. S. Balasundaram (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009- 10
- Courts
- All ITAT, ITAT Chennai
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The assessee before execution of the sale deed purchased the properties vide document No. 8547/2008 on 18.09.2008 for Rs. 47,53,223/-, document No. 8743/2008 on 04.10.2008 for Rs. 51,47,014/- and document No. 8295/2008 on 24.09.2008 for Rs. 28,68,302/- and the total amount paid by the assessee to various purchasers of the land amounting to Rs. 1 ,27,68,537/-. According to the Assessing Officer, the purchase consideration paid by the assessee is not eligible for deduction under section 54B of the Act. It is not the case of the Assessing Officer that the sale consideration received by the assess...
