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TMI Blog2012 (7) TMI 1170X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee at Rs. 35,73,781/- by making addition on account of long term capital gains of Rs. 33,22,802/-. The matter was carried before the first appellate authority who has granted relief to the assessee by observing as under: I have carefully considered the facts of the case, the assessment order of the A.O. and the submissions of the appellant. The appellant claimed that the time allowed for making investment for purchase of agricultural land without depositing the amount in specified bank or institution under capital gain scheme as required by provisions of section 54B(2) is time allowed for filing the return of income u/s. 139(4) i.e., upto 31/03/2009. The above proposition of law is supported by the ratio laid down by the decisions rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted as (2006) 28 6 ITR 274 (Gau.). It is undisputed that assessee has purchased agricultural land during the period from 15.02.2007 to 29.05.2008, i.e., much before 31.03.2009. Stand of the Assessing Officer is that the assessee is entitled to get benefit of section 54B after investing the same within the prescribed limit of section 139(1) of the Act. For convenience, provisions of section 54B is reproduced as under: 54B. (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a capital asset being land which, in the two years immediately preceding the date on which the transfer took place, was being used by the assessee or a parent of his for agricultural purposes (hereinafter referred to as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the period 15.02.2007 to 29.05.2008, i.e., much before 31.03.2009. Accordingly CIT(A) has allowed the claim of the assessee u/s. 54B. This view is fortified by the decision of Hon'ble Guwahati High Court in the case of CIT vs. Rajesh Kumar Jalan (supra) wherein it was held that object and purpose of construction and interpretation is to ascertain the intention of the lawmakers and make it effective. The Court has to determine the intention as expressed by the words used. If the words of statute are themselves precise and unambiguous, then no more can be necessary than to expound those words in their original and natural sense. While construing a beneficial enactment the view that advances object of beneficial enactment and serves its p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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