Investment made in other’s name not eligible for exemption u/s. 54B

Daljit Singh Vs ITO (ITAT Chandigarh) ITAT Chandigarh held that investment made in the name of the grandson is not eligible for exemption under section 54B of the Income Tax Act. Facts- During the year under consideration, Late Shri Ajmer Singh had sold certain agricultural land to M/s Bajwa Developers for a consideration of Rs. 11,62,500/- on which capital gain has been worked out at Rs. 10,04,500/-. Late Shri Ajmer Singh thereafter purchased another agricultural land in the name of his grandson Shri Daljit Singh and in the return of income so filed, deduction under section 54B of the Act was...