Section 54B exemption cannot be denied for absence of legal title due to pending litigation

Chinnappa Anthonappa Vs ACIT (ITAT Bangalore) It is seen that the assessee has invested a sum of Rs.4.68 crores by paying advance for purchase of agricultural lands. It is not disputed that had the sale been completed pursuant to those agreements, the assessee would be entitled to benefits of deduction u/s. 54B of the Act. It is also not disputed that due to pending litigation, the sale could not be completed between these parties. However, in respect of agreement between assessee and Narayanappa & Others., the litigation has ended and assessee had got title of property on 03.07.2019, copy...