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2019 (2) TMI 353 - AT - Income TaxDisallowance of deduction u/s.54B - Admission of additional evidence - Held that:- Additional evidences have been placed which needs to be verified by the Revenue Authorities. Furthermore, in the totality of facts and circumstances, the matter demands detailed factual verification and enquiry regarding the nature of land and whether it was being used for agricultural purpose throughout, most particularly with regard to specified conditions laid down u/s.54B of the Act. The twin conditions of the Section 54B which requires to be examined are: i) That the land which was sold was used for agricultural purpose in the two years immediately preceding the date on which the sale took place. ii) That the assessee has, within a period of two years after that date i.e. when the sale was completed, purchased any other land for agricultural purpose. We set aside the order of the Ld. CIT(Appeals) and remand the matter back to the file of the Assessing Officer to comply with our directions as herein above stated and thereafter, shall adjudicate the matter after providing reasonable opportunity of hearing to the assessee - Appeal of the assessee is allowed for statistical purposes.
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