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2015 (11) TMI 1681 - ITAT DELHIClaim of exemption/deduction u/s 54B - acquisition of possession of purchased land - Held that:- In the present case, although the assessee could not get the sale deed executed in his name and also could not get possession of the purchased land but it was beyond control and powers of the assessee as there was a requirement of permission of court because the land was purchased from a public trust. We cannot ignore the conduct and intention of the assessee wherein he pays entire sale consideration, makes payment for purchase of stamps for execution of sale deed and also pays brokerage and from this, we can safely and firmly infer that in fact the assessee had a bonafide and true intention to purchase agriculture land within prescribed period of two years and he used ₹ 26,84,000/- towards this intention of purchase and if the sale deed could not be executed in his name and he could not get possession of the purchased land due to the reason beyond his control, then he cannot be debarred from claiming deduction u/s 54B of the Act. Hence, we are inclined to held that the assessee is entitled for claim of deduction u/s 54B of the Act pertaining to ₹ 26,84,000/- which was used / invested towards purchase of agriculture land within prescribed time limit of two years from the date of sale of agriculture land out of which capital gain accrued to the assessee. Accordingly the appeal of the assessee is allowed.
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