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TMI Blog2014 (4) TMI 470X X X X Extracts X X X X X X X X Extracts X X X X ..... r purchase of property investing sale consideration - In absence of any material, Tribunal is not in a position to conclude when actually the purchase transaction completed for claiming exemption u/s 54B of the Act - Accordingly, order of lower authorities are set aside and the assessing officer is directed to find out the date on which assessee has actually purchased another agricultural land - Thereafter decide the issue of exemption u/s 54B of the Act in accordance with law – Decided partly in favour of Revenue. - I.T.A No.465/Coch/2013 - - - Dated:- 25-10-2013 - N.R.S. Ganesan And B.R. Baskaran, JJ. For the Appellant : M. Anil Kumar and Smt. Latha V. Kumar For the Respondent : V. Sivaramakrishnan ORDER:- PER : N.R.S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agricultural purposes, and the assessee has, within a period two years after that date, purchased any other land for being used for agricultural purposes, then, the assessee is entitled for exemption from capital gain tax under this section. In this case, it is not in dispute that the assessee purchased another agricultural land within a period of two years after the transfer i.e. 17-03-2007. According to the ld.representative, the assessee could claim deduction in the year in which the purchase was completed. According to the ld.representative, after receiving the sale consideration on 17-03-2007 it was used for purchase of agricultural land on 17-04-2007. Therefore, according to the ld.representative, the amount was utilized for purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion of the property was handed over to the purchaser towards part performance of the sale agreement, there was a transfer. Therefore, the CIT(A) found that under the Income-tax Act, there was a transfer on 17-03-2007 when the physical possession of the property was handed over. This finding of the CIT(A) is not disputed by the revenue. This Tribunal is of the considered opinion that under the Income-tax Act, the transfer took place on the date on which the physical possession of the property was handed over. 5. Now the only dispute is that when the transfer took place on 16-03-2007, i.e. in the assessment year 2007-08, could the assessee claim exemption u/s 54B in the assessment year under consideration? The assessee invested Rs.56,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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