No Section 54B exemption on Agricultural Land Purchased in Name of Wife

Karamvir Vs ITO (ITAT Delhi) The issue before us is to adjudicate whether the properties purchased by the assessee in the name of the assessee’s wife are eligible for deduction u/s 54B or not. Division Bench of this Court in Jai Narayan vs. ITO [2008] 306 ITR 335 held as under: “10. In interpreting the words contained in a statute, the court has not only to look at the words but also to look at the context and the object of such words relating to such matter and interpret the meaning intended to be conveyed by the use of the words under the circumstances. The word “assessee” oc...