Section 54B exemption allowable even if land was cultivated only for few days during Relevant Years

Mohammad Rafiq Ahemadsaheb Kokani Vs ITO (ITAT Pune) The issue in the present appeal relates to the exemption under the provisions of section 54B of the Act. The conditions prescribed to claim the benefit of exemption under the provisions of section 54B are that the agricultural land sold as a capital asset, used by the assessee during the period of two years immediately preceding the date of transfer for agricultural purpose. The Assessing Officer had denied the exemption u/s 54B on the grounds that the agricultural land sold was not used for agricultural purpose for two years preceding the d...