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2014 (4) TMI 470 - AT - Income TaxGrant of deduction u/s 54B - CIT(A) granted deduction u/s 54B by holding that transfer took place on 17-03-2007 – Held that:- CIT(A) found that under Income-tax Act, there was a transfer on 17-03-2007 when physical possession of property was handed over - This finding of CIT(A) is not disputed by the revenue - Assessee invested Rs.56,00,006 on 17-04-2007 for purchase of the property - Though the investment was made for purchase of another property, it is not known whether the assessee has actually purchased the property or not - Assessing officer has to reconsider matter and find out when actually sale was completed under Income-tax Act for purchase of property investing sale consideration - In absence of any material, Tribunal is not in a position to conclude when actually the purchase transaction completed for claiming exemption u/s 54B of the Act - Accordingly, order of lower authorities are set aside and the assessing officer is directed to find out the date on which assessee has actually purchased another agricultural land - Thereafter decide the issue of exemption u/s 54B of the Act in accordance with law – Decided partly in favour of Revenue.
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