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2017 (2) TMI 1103 - HC - Income TaxDisallowance under Section 54B - whether as fund was flown from the account of assessee, it makes no difference if the assessee does not include his own name? - Held that:- The Tribunal while dismissing the appeal of the Revenue has corectly held that the assessee has purchased the agricultural land and, therefore, the order passed by the Income Tax Appellate Tribunal is just and proper. It is not the case of the revenue that from the sale proceeds of the agricultural land earlier owned by the assessee, the land in question was purchased for any other purpose than the agricultural purpose. Undisputedly, the purchased land is being used by the assessee only for agricultural purpose and merely because in the sale deed his name was not written the ITAT has rightly come to the conclusion that it does not make any difference because the purchased land is being used by the assessee for agricultural purposes. It is not the case of the revenue that the said land is being used exclusively by someone else. See Commissioner of Income Tax, Ludhiana-I Versus Shri Gurnam Singh [2008 (4) TMI 28 - PUNJAB AND HARYANA HIGH COURT] - Decided against revenue.
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