Condition for use of land for agricultural purpose in preceding two years satisfied: Section 54B exemption granted

Rahul Bajpai Vs DCIT (ITAT Raipur)

Condition for use of land for agricultural purpose in preceding two years satisfied: Section 54B exemption granted

ITAT Raipur held that exemption under section 54B of the Income Tax Act is allowable since pre-condition regarding usage of land for agricultural purposes in two years immediately preceding date of transfer is satisfied. Accordingly, appeal allowed.

Facts- AO observed that assessee claimed deduction of Rs. 3,90,94,919/- u/s. 54B of the Income Tax Act. However, AO pointed out that no proof was provided by

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