Deduction u/s 54B cannot be denied if the correlation between investment and receipt of sale proceeds has been demonstrated

Last updated: 24 December 2021

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The Income Tax Appellate Tribunal has ruled that a deduction under Section 54B of the Income-Tax Act cannot be denied if the taxpayer demonstrates a clear correlation between the investment in agricultural land and the receipt of sale proceeds. The Tribunal allowed the appeal, stating that even if the sale proceeds weren't deposited in a specific capital account, the investment made within the stipulated time frame should qualify for the deduction.

Court :
ITAT Ahmedabad

Brief :
The assessee is in appeal before the Tribunal against the order of learned Commissioner of Income-tax (Appeals-5), Vadodara [“CIT(A) in short] dated 25.02.2019 passed for Assessment Year 2012-13.

Citation :
ITA No. 657/Ahd/2019

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Attached File : 1442821_4703_1638438151_ita_no_657_ahd_2019__bhadresh_suryakant_patel.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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