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u/s 54 B of I. T. Act 1961

This query is : Resolved 
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(Querist)
24 October 2008 sir,
'A' sold his agricultural lands situated within the limits of Nagar Palika in A.Y. 2004-05.
'A' invested the amount, more than the sale consideration, over purchase of another agricultural land within the 2 years of sale of the above land in joint names of himself and his two major sons.Assessing Officer quantified the deduction u/s 54 B to 1\3rd of the investment made.C I T (A)dissmissed the appeal and hold the order of the A/O.
Kindly enlighten with case laws.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 October 2008 One case came to my mind is THIRD ITO Vs. S.VARADARAJAN (1989) 33 TTJ (Mad)466. Decision is,exemption u/s 54 cannot be denied on the technical ground that the documents was not in the name of the asessee.
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Pankaj Agrawal

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Pankaj Agrawal (Querist)
25 October 2008 More cases required
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
30 October 2008 I think Mr.Warrier has given the relevant case law.
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