9911796707
TMI Blog2018 (9) TMI 2096X X X X Extracts X X X X X X X X Extracts X X X X ..... In view of this, order of the lower authorities is hereby set aside and the AO is directed to allow deduction to the assessee u/s 54B of the Act in respect of the investment made in the purchase of the agricultural land in the name of his sons. Appeal of the assessee is hereby allowed. - ITA No. 313/CHD/2018 - - - Dated:- 7-9-2018 - Shri Sanjay Garg, Judicial Member And Ms. Annapurna Gupta, Accountant Member For the Appel lant : Sh. Gulshan Arora, Advocate. For the Respondent : Sh. Manoj Kumar , Sr. DR. ORDER Per Sanjay Garg, Judicial Member : The present appeal has been preferred by the assessee against the order dated 22.12.2017 of the Commissioner of Income Tax(A)-2, Chandigarh [hereinafter re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id income. In response to notice u/s 147, the assessee filed income tax return declaring income of Rs.25, 770/-(income from other sources) apart from agricultural income of Rs.2,65,900/-. Against sale consideration of Rs. 18,06,250/- received by assessee from sale of land, the assessee claimed exemption u/s 54B of the Act in respect of agricultural land purchased in the name of his sons namely Sh. Parvinder Singh Randhir Singh. The assessing officer, however, completed assessment in this case u/s 143(3) r.w.s.147 of the Income Tax Act vide order dated 23.9.2016 at a total income of Rs. l7,89,420/- after making addition on account of long term capital gains at Rs. l 7,63,650/-. The exemption claimed by the assessee u/s 54B in respect of ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relating to the inheritance of the property of the assessee after his death. The sale proceeds from the sale of agricultural land were duly invested in the purchase of agricultural land itself. We, therefore, do not find any justification on the part of the lower authorities in denying the claim of deduction the assessee u/s 54B of the Act. 8. In view of this, order of the lower authorities is hereby set aside and the Assessing officer is directed to allow deduction to the assessee u/s 54B of the Act in respect of the investment made in the purchase of the agricultural land in the name of his sons. 8. In the result, the appeal of the assessee is hereby allowed . Order pronounced in the Open Court on 07.09.2018. - - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
