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TMI Blog2022 (1) TMI 1148X X X X Extracts X X X X X X X X Extracts X X X X ..... cultural land. Both these things have been made almost simultaneously. Section 54B of the Act authorizes an assessee to claim deduction under this section on an investment made for purchase of agricultural land two years prior to sale of an agricultural land. Similarly, it also authorizes to make investment two years after the sale of agricultural land. The investments of the assessee duly fall in this period. Hence, even if he has not deposited in the capital account, but he has already made investment; therefore, he is entitled for the deduction. We, respectfully following the decision in the case of CIT Vs Ms Jagriti Aggarwal [ 2011 (10) TMI 279 - PUNJAB AND HARYANA HIGH COURT ] allow this appeal of the assessee and delete the disallowan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... These submissions would make the issue clear on factual aspects; therefore, we deem it appropriate to take note of these submissions of the assessee alongwith the findings of learned CIT(A) which read as under:- "3. During the appellate proceeding before me, the appellant filed written submissions on 12/02/2019 and the most relevant part material to decide the issue is reproduced as under: "During the year under consideration I with other four co-owners sold Agricultural Land for the consideration of ₹ 1,45,00,000/-. My share is 1/5th in said land. Jantri value of said Agricultural Land is ₹ 2,77,91,85Q/-. I have shown sale value as per Jantri value and my share is ₹ 55,58,370/- (1/5th of Jantri Value) Sale Valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 Stamp Duty ₹ 65,200 Registration Charges ₹ 13,450 Total ₹ 14,09,150 (i)+(ii)=19,65,020/-. My Share is 50% of ₹ 19,65,020 - 9,82,510 (iii) Block/R.S.No.463, R.S.No. 445 and 448/2 Village Samsabad, Tal. & Dist. Vadodara Purchase Price ₹ 6,00,000 Stamp Duty ₹ 29,500 Registration Charges ₹ 6,180 Total ₹ 6,35,680 My share is 1/4 th of ₹ 6,35,680 = ₹ 1,58,920 ₹ 9,82,510 + ₹ 1,58,920 = 11.41.430/- I have claimed exemption u/s 54B of the Act of ₹ 11,41,430/- as calculation shown above. Details of payment received against Sale of Agricultural Land and investment made for purchase of Agricultural Land is given as under- (i) Payment received ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... similar to facts of the above said cases and hence exemption U/s 54F is applicable in my case. Therefore, I request your honor kindly appeal may be allowed. " 4. I have considered the order of the AO and the written submissions of the appellant. A.R. is also heard in the matter. 4.1 One of the reason for which the claim of the appellant for relief u/s 54B was rejected by the AO was that unutilized Capital Gain was not deposited in Capital Gain Account Scheme held with bank before the due date of filing of return u/s 139(1) of the Act. Another argument of the AO is that two parcel of land were purchased before the date of sale deed of his agricultural land. Ld.AR controverted these findings of the AO stating that various judicial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se comes within the parameters of the exemption clause of exemption notification ". " When there is ambiguity in exemption notification, which is subject to strict interpretation, the benefit of such ambiguity cannot be claimed by the suspect / assessee , it must be interpreted in favour of the revenue, the court held in case of Commissioner of Customs Vs Dilipkumar (Supra) holding that the ratio in Sun Export case " is not correct and all decisions which took similar view stand over ruled". Justice Ramana, writing for the bench, said the earlier view "created confusion and resulted in unsatisfactory state of law ". 4.4 Considering those facts, AO's findings at para 4.2 & 4.3 of the assessment order rem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gain in a bank account meant for this purpose; only then he can claim deduction under Section 54B of the Act. In these submissions it would reveal that the assessee has specifically shown the receipt as well as investment for purchase of agricultural land. Both these things have been made almost simultaneously. Section 54B of the Act authorizes an assessee to claim deduction under this section on an investment made for purchase of agricultural land two years prior to sale of an agricultural land. Similarly, it also authorizes to make investment two years after the sale of agricultural land. The investments of the assessee duly fall in this period. Hence, even if he has not deposited in the capital account, but he has already made i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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