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2012 (4) TMI 399 - AT - Income TaxClaim of exemption u/s 54B and expenditure incurred towards improvement of land - Sale of 1.81 acre of land by Assessee and his co-owners – assessee out of his 1/3rd share in the sale consideration purchased another piece of agricultural land - claim disallowed - Held that:- It is essential that for claiming the benefit of exemption of section 54B, capital asset sold should have been used either by the assessee or his parents for agricultural purposes in the two years immediately preceding the date on which the transfer took place - detailed enquiry ascertain by AO and the land revenue authorities categorically statement that as per revenue records no crop was cultivated/agricultural activity undertaken on the land owned by the assessee - no concrete evidence has been brought on record by the assessee to controvert the finding of facts recorded by the lower authorities - production of statements of neighbours of the assessee are vague and sketchy - the assessee has miserably failed to prove that the land in question was agricultural land and he had cultivated crops in the land – against assessee.
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