No Section 54B Exemption for Agricultural Land Bought in Son/Daughter-in-law’s Name

Popat Manaji Rahinj Vs ITO (ITAT Pune) ITAT Pune held that exemption under section 54B of the Income Tax Act based on new agricultural land bought in the name of the son and daughter-in-law and not in the name of the assessee is not allowable. Facts- During the course of assessment proceedings under consideration, AO found that the appellant made a cash deposit in savings bank account with ADCC Bank Ltd. of Rs.47,50,000/-. When the appellant was called upon to explain the source of said cash deposits, it was explained that he had sold the agricultural land & others for a consideration of R...