Denial of exemption u/s. 54B for purchase of agricultural land in name of wife not justified

Phool Singh Vs ITO (ITAT Delhi) ITAT Delhi held that denial of exemption under section 54B of the Income Tax Act for purchase of agricultural land in the name wife of the assessee is not justifiable. Accordingly, denial of benefit of deduction set aside. Facts- During the year under consideration, assessee had sold land for Rs.4,31,25,000/- on 27.12.2012 which resulted into Long Term Capital Gain (LTCG) amounting to Rs.4,22,73,000/- and received pension amounting to Rs.2,32,059/- and interest amounting to Rs.2,32,059/-, however, assessee did not file his return of income. In compliance with th...