9911796707
TMI Blog1997 (5) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption under s. 54B of IT Act. 2. The facts of the case briefly stated are that appellant along with his mother purchased agricultural land measuring 29 canals situated outside municipal limits of Rewari on9th Jan., 1976, for total sum of Rs. 30,000. They got the land levelled and made it fit for cultivation. A Tubewell was also installed. In all total expenses of Rs. 26,670 were incurred. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dy. CIT(A) held that plots in place of agricultural land were sold by the assessee and his mother. Accordingly claim under s. 54(B) was rejected. 4. The assessee has brought the issue in appeal before us. Reliance was placed on copies of khasra girdauri which showed that land was cultivated throughout. The assessee also relied upon his affidavit and detailed submissions made before the AO. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of society through a number of sale deeds. It was, therefore, clear that land was divided into plots and in that situation, it was not possible to carry on agricultural operations on the said land. 5. We have given careful thought to rival submissions of the parties. The assessee filed whatever evidence could possibly be filed to show that till the date of sale agricultural operations were carrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provision is liable to be construed liberally and when so construed the Revenue authorities are not justified in denying claim of exemption to the assessee under s. 54B of IT Act. It is an accepted position that if investment in agricultural land made by the assessee is taken into account, no capital gain is exigible. Having regard to material available on record, we hold that the assessee sold a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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