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Exemption u/s 54B can be claimed for long term & short term assets; land purchased has to be in the name of assesse
Case Law Details
- Case Name
- CIT Vs Shri Dinesh Verma (Punjab & Haryana Court High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Punjab and Haryana HC
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Brief of the case:
Punjab & Haryana High court held in CIT vs Shri Dinesh Verma that exemption u/s 54B could be claimed for short term & Long term assets because there was no such provision u/s 54B which denies exemption for short term assets. So land sold within the two years could be claimed as exemption though short term gain. Further the new land purchased for the use of agriculture purpose had to be in the name of assesse because as per provision of sec 54B new asset had to be purchased by the assesse who had sold the same. So asset purchased under any other name ...
