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 solely because the sale proceeds were not deposited into a specific capital account. The Tribunal found that the assessee had clearly demonstrated the correlation between their investment in agricultural land and the receipt of sale proceeds within the stipulated time frame. Therefore, the appeal was allowed, and the disallowance of the deduction was deleted.

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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