Section 54B Deduction Denied as Agricultural Land Purchased in Wife’s Name

Adel Saini Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal, Delhi dismissed the assessee’s appeals for AYs 2012–13 and 2013–14 on the issue of deduction under Section 54B of the Income-tax Act, 1961. The assessee, who sold agricultural land jointly with his brothers, claimed deduction by investing his share of sale consideration in new agricultural land purchased in the name of his wife. The Assessing Officer denied the deduction on the ground that the statutory requirement under Section 54B mandates purchase by the assessee himself. The first appellate authority upheld the denial,...