Deduction u/s 54B allowable even if nature of land converted to non-agriculture just before transfer

ITO Vs  Bharatkumar Laljibhai Tejani (ITAT Surat)

ITAT Surat held that deduction under section 54B duly allowable in case the nature of land was converted from agriculture to non-agriculture purpose just before transfer of land.

Facts- During the assessment, AO noted that the assessee has sold a non-agricultural land for a consideration of Rs. 3.95 crores. The assessee computed long term capital gain of Rs. 3.89 crores after availing indexation. The assessee also claimed deduction u/s. 54B of the Inc

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