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2017 (10) TMI 868 - AT - Income TaxDeduction u/s 54B of the Act - Investment in agricultural land - denial of deduction on the ground that the sale was by way of an agreement to sell and not through registered Deed - Held that: - the assessee paid the consideration through cheques and also obtained the possession of the property in question - the word ‘Purchase’ cannot be interpreted and detached from the definition of word ‘transfer’ as given u/s 2(47) of the Act. When the transfer takes effect as per the provisions of section 2(47) of the Act, if a liability to pay tax arise in the case of the seller, the consequent right to get deduction on the purchase of property accrues in favour of the purchaser, if he otherwise is so eligible to claim it as per the relevant provisions of the Act. The Assessing officer is directed to give the benefit of deduction u/s 54B of the Act in respect of the purchase of the property at Village Dadu to the assessee - appeal allowed - decided in favor of assessee.
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