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2002 (5) TMI 6 - HC - Income TaxCaim for exemption from levy of capital gains u/s 54B on the ground that the land sold by her was agricultural land and the sale proceeds were invested in the purchase of agricultural land within two years - there is no merit in the contention of Revenue that no agricultural operations had been carried on in this land in the preceding two years and that the agricultural income shown in the returns by the assessee was not genuine. - Findings of the Tribunal that there was material on record to show that the land had been used for agricultural purposes is based on cogent and relevant material. The Revenue record supports the claim. Thus, the Tribunal was justified in holding that the conditions laid down for claiming relief under section 54B stood satisfied. Once it is so, the other contentions about the land being located in the commercial area or the land having been partially utilised for non-agricultural purposes or that the vendees have also purchased it for non-agricultural purposes, are totally irrelevant considerations for the purposes of application of section 54B – Exemption allowed
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