2023 (9) TMI 35 - SCH - Income Tax

Exemption u/s 54B denied - case of the appellant is that he and his three brothers had sold jointly owned land and for his 1/4th share he purchased land in the name of his wife and claimed exemption under Section 54B - HELD THAT - As decided by HC 2020 (4) TMI 725 - PUNJAB HARYANA HIGH COURT after selling the agricultural land the appellant purchased a land worth his share, in the name of his wife. The issue is directly covered by the decision of this Court in Dinesh Verma's case 2015 (7) TMI 486 - PUNJAB HARYANA HIGH COURT . The reliance of Gurnam Singh's case 2008 (4) TMI 28 - PUNJAB AND HARYANA HIGH COURT will not enhance the case of the appellant as the property in that case was purchased in the joint name of the assessee and his only son, which is not the case in the present case, thus issue decided against assessee - HELD THAT - No merit in the Special Leave Petition.

Summary

The Supreme Court dismissed the Special Leave Petition, stating that they did not find any merit in it. The delay was condoned, and pending applications were disposed of. (Case citation: 2023 (9) TMI 35 - SC)