Section 54B exemption granted as assessee proved nature of land as agricultural land

DCIT Vs Bhupinder Singh Bhalla (ITAT Delhi) ITAT Delhi held that exemption under section 54B of the Income Tax Act allowed since assessee is able to prove the nature of land as agricultural land based on revenue records and income tax return, wherein, income accepted as agricultural income. Facts- The case of the assessee was selected for scrutiny assessment through CASS for scrutiny of substantial increase in capital in a year; large deduction claimed u/s. 54B, 54C, 54D, 54G, 54GA and large long term capital gain. Notice u/s. 143(2) of the Act dated 22.06.2016 was served on assessee. Subseque...