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2012 (8) TMI 178 - AT - Income TaxDisallowance of exemption under section 54B of the Income Tax Act – assessee alleged that he is the owner of agricultural land - assessee sold land in the relevant previous year - From his share of sale consideration, the assessee purchased another piece of agricultural land and claimed exemption under section 54B of the Income Tax Act, 1961 – Held that:- As per revenue records no crop was cultivated/agricultural activity undertaken on the land owned by the assessee - no cultivation of crop/agricultural activity on the land in question owned by the assessee in the past two years preceding the date of sale - assessee during the course of his submission placed on record photocopies of some bills to show that agricultural activity was undertaken by the assessee on the land in question - these bills were never produced either before the Assessing Officer or before the learned Commissioner of Income Tax - appeal of the assessee is dismissed.
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