2008 (4) TMI 28 - PUNJAB AND HARYANA HIGH COURT

Exemption / Deduction u/s 54B of capital gain arising from sale of agricultural land and investment in the name of son by the assessee - merely because in the sale deed his only son was also shown as co-owner, the ITAT has rightly come to the conclusion that it does not make any difference because the purchased land is being used by the assessee for agricultural purposes. It is not the case of the revenue that the said land is being used exclusively by his son – exemption allowed.