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2007 (10) TMI 172 - HC - Income TaxLand owned by assessee was acquired by the Govt. - assessee received the compensation on 12th of July, 1977 & purchased the agricultural land on 15th of May, 1977 - as per Sec.54B I T Act, the assessee isn’t liable to pay capital gains as he has purchased the land within within 2 years from the date of receipt of compensation - further held that the tube wells, trees were parts of the land purchased so their value couldn’t be deducted from the total investment made in impugned purchase
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