ITAT Allows Section 54B Exemption as Agricultural Land Was Purchased Within Statutory Time Limit

ITO Vs Rajendra Singh Yadav (ITAT Indore) The Income Tax Appellate Tribunal (ITAT), Indore Bench, dismissed the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals), NFAC, Delhi, which had allowed exemption under Section 54B of the Income-tax Act, 1961 to the assessee for AY 2015-16. The assessee had jointly sold agricultural land with his two brothers on 10.12.2014 for Rs. 9.31 crore and claimed exemption under Section 54B on capital gains of Rs. 3.09 crore by investing in another agricultural land purchased on 26.08.2016 for Rs. 3.11 crore. During scrutiny assessm...