No Section 54B exemption if new land not purchased within a period of 3 years

Bhagwan Keshu Sakhare Vs ITO (ITAT Pune) The issue under consideration is whether CIT is correct in denial of exemption u/s 54B of the Act? In the present case, the case of assessee is selected for limited scrutiny under CASS for the reason of “Deduction claimed under the head capital gains”. After claiming deduction for indexed cost of acquisition and transfer expenses, the assessee computed long term capital gain at Rs.80.84 lakhs. The assessee claimed exemption u/s.54B, inter alia, for a sum of Rs.45.00 lakhs towards a property. The assessment was completed allowing exemption u/s. 54B, ...