Section 54B- Land Re-purchased need not be Agricultural on Re-Investment date

Adit Rathi Vs ITO (ITAT Pune)

CIT(A) rejected the assessee’s impugned Section 54B deduction claim for the sole reason that his reinvestment made in Wagholil land had not proved to have been made in purchasing agricultural land. This is in light of the fact that the Assessing Officer’s remand report filed before the CIT(A) had cleared all objections regarding the assessee’s land sold at Bavdhan. It has further come on record that although the CIT(A) accepts the assessee to have carried out agricultural activities on the land purchased in later year

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