Contingent Sale Consideration & Escrow Arrangement – ITAT Ahmedabad Remands Asessee’s Claim of Deduction u/s 54B

Nitin R Shah Vs DCIT (ITAT Ahmedabad)

Contingent Sale Consideration & Escrow Arrangement – ITAT Ahmedabad Remands Asessee’s Claim of Deduction u/s 54B

Assessee filed his return of income at ₹28.18 lakh. Pursuant to a search u/s 132 on 09.01.2013 in the group cases of Shri Rashmikant Bhatt, he filed return u/s 153A declaring the same income but also disclosing ₹50 lakh as additional consideration for sale of land. Against this, he claimed deduction u/s 54B of ₹38.50 lakh for investment in agricultural land at Navapura (Banakhat dated 28.04.2012). AO denied deduc

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