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2013 (4) TMI 607 - AT - Income TaxExemption u/s 54B denied - Held that:- It is pertinent to note that the assessee herein held the impugned land jointly along with her elder sister who did not claim the impugned land as an agricultural land. Under these circumstances, it is unable to understand as to how the assessee herein alone can claim the same as an agricultural land. A plain reading of the provision of sec 54B show that the land should have been used for agricultural purposes in the two years immediately preceding the date of transfer and as the assessee did not bring any material on record to show that the impugned land was used for agricultural purposes in the immediately preceding two years the assessee has failed to substantiate her claim with regard to the nature of land and its user in the immediately preceding two years - AO was justified in rejecting the claim of exemption u/s 54B. Amount invested in Capital Gains Account scheme - whether would be taken at Rs.47 lakhs as per AO or actual investment of Rs.55 lakhs - Held that:- The assessee claims that he has invested a sum of Rs.55 lakhs in the Capital gain Account scheme in two instalments viz., Rs.47.00 lakhs and Rs.8.00 lakhs. It appears that the deposit of Rs.47 lakhs was made in connection with the claim made u/s 54F and the deposit of Rs.8.00 lakhs was made in connection with the claim made u/s 54B. Under these circumstances, the assessing officer was justified in computing the deduction u/s 54F in respect of Rs.47.00 lakhs only. Appeal of assessee rejected.
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