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2018 (8) TMI 642 - ITAT AHMEDABADDeduction u/s 54F and 54B - investment of income from capital gain - the conveyance deed was executed on 03-07-2012. The assessee contended that he has entered into sale agreement with the buyer on 13-08- 2010 and the new house was purchased on 22/04/2010 which was within one year of the transfer of the land. Held that:- It is crystal clear that the decision in the case of Sanjeev lal [2014 (7) TMI 99 - SUPREME COURT] was delivered after taking into account the peculiar facts of the case that the sale deed could not be executed because of the pending litigation and the competent court has prohibited the assessee to execute the sale deed therefore it is held that the assessee was entitled for relief under section 54 of the act. However, in the case of the assessee, we did not find any such peculiar circumstances which have prohibited the assessee to execute the sale deed. We have also considered all the judicial pronouncements referred by the assessee and we find facts of the case of the assessee are distinguishable, therefore, the same are not applicable to the case of the assessee. Further when the assessee has executed agreement to sale on 13.08.2010 the land was agricultural land and agreement to sale was made with non-agricultural person. The land was transferred only on 03-07-2012 when a registered sale deed was executed and it was absolutely correct that there was no creation of any right of the purchaser in the said land as the same were prohibited by the law relating to transfer of agricultural land as existing in the state of Gujarat. Claim of deduction u/s 54F as well as 54B disallowed - Decided against the assessee.
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