Section 54B exemption cannot be Denied for Agricultural Land Purchase in Wife’s Name

Ashok Kumr Vs ITO (ITAT Delhi)

The short issue arising for consideration before me is whether the assessee is eligible to claim deduction under Section 54B of the Act. The factual aspect relating to this issue remains undisputed. Therefore, there is no need to deliberate further on facts. The only reason for which learned Commissioner (Appeals) has denied assessee’s claim of deduction under Section 54B of the Act is because the agricultural land in which the capital gain was invested was purchased in the name of assesseeâ€

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