ITAT Allows Section 54B Deduction as Agricultural Land Was Purchased Within Two Years

DCIT Vs Rajesh Jain (ITAT Dehradun) Deduction under section 54B cannot be denied merely because the unutilised amount was not deposited in the Capital Gains Account Scheme, where the assessee has actually invested the sale consideration in purchase of agricultural land within the prescribed two-year period. Issue: Whether exemption under section 54B could be denied solely because the assessee did not deposit the unutilised amount in the Capital Gains Account Scheme (CGAS), despite having invested the sale proceeds in new agricultural land within two years from the date of transfer. Facts: Th...