Deduction u/s 54B ineligible if land not used for agricultural purpose

Tushar Jagmohan Kamthe Vs ITO (ITAT Pune) ITAT Pune held that deduction under section 54B of the Income Tax Act is available only if the land was used for agricultural purpose in the immediate two preceding years. in absence of the same, deduction u/s 54B ineligible. Facts- The assessee sold a land along his family members admeasuring 80 H.75R situated at Yewlewadi, Tal. Havel, Dist Pune. Out of the total consideration of Rs.9,60,00,000/-, the assessee’s share was of Rs.56,00,000/-. The assessee purchased another agricultural land by investing Rs.58,30,000/-. The assessee claimed in the ROI ...