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2010 (11) TMI 583 - HC - Income TaxSale of agricultural land - Whether exemption of capital gains under Section 54-B of the Act is allowable to the assessee in the absence of completion of sale transactions - the assessee utilized the amount of sale consideration received by him in respect of sale of his land by purchasing the new assets and making advance payment for that purpose, well before the expiry of time due for furnishing the return and, therefore, the assessee was entitled to the benefit of provisions of Section 54B of the Act - Thus substantial question of law is answered against the Revenue and finding no merit in the appeal, the same is dismissed.
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