No deduction u/s 54B if purchase made prior to sale of existing land

Mathur Lal Vs ITO (ITAT Jaipur)

Conclusion: Deduction under section 54B was allowable only if purchase of new land was made after the transfer of an existing land.

Held: Assessee claimed deduction U/s 54B which included purchase of agricultural land on 16/5/2012. AO denied the claim in respect of the agricultural land purchased on 16/5/2012. However, assessee received the consideration in respect of the land sold at the time of the agreement dated 29/12/2011 thus, the said consideration received at the time of fi

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