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TMI Blog2022 (7) TMI 636X X X X Extracts X X X X X X X X Extracts X X X X ..... ind Joshi For the Revenue : Shri Arvind Desai ORDER PER INTURI RAMA RAO, AM: These two appeals are filed by related assessees directed against respective orders of the Commissioner of Income Tax (Appeals)-1, Nashik, both dated 13.11.2018 for the assessment year 2014-15. 2. Since the identical facts and issues are involved in both the appeals, we proceed to dispose of the same vide this common ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is as under: During the previous year relevant to the present assessment year, the appellant had sold the agricultural land situated at Gat No.276- Ramshej, Nashik, which was purchased by the appellant along with seven others on 29.06.2011 and was sold on 13.04.2013 and offered capital gains after claiming deduction u/s 54B of the Act. The Assessing Officer denied the claim primarily for two rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecessary that the agricultural land sold should be long term capital asset. There is no significance between the short term capital gain and long term capital gain in the context of provisions of section 54B. The only condition is that the land sold should be used for agricultural purposes in two years, which does not mean that the land should be used for agricultural purposes for whole period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... val contentions and perused material on record. The issue in the present appeal relates to the exemption under the provisions of section 54B of the Act. The conditions prescribed to claim the benefit of exemption under the provisions of section 54B are that the agricultural land sold as a capital asset, used by the assessee during the period of two years immediately preceding the date of transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut grass was grown owing to the conditions of drought does not disentitle the assessee as the land was held for agricultural purposes only. In the light of these decisions, we hold that the reasoning of lower authorities cannot be appreciated. Accordingly, the findings of lower authorities are reversed. 9. The facts and issues involved in ITA No.169/PUN/2019 are similar to the facts and issues in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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