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2022 (7) TMI 636 - ITAT PUNEDeduction u/s 54B - Claim denied as agricultural land sold was not used for agricultural purpose for two years preceding the date of sale as the same was held only for a period of 22 months and some part of the land was used for growing grass - HELD THAT:- The Co-ordinate bench of the Tribunal in the case of Majid Khan Nisar Khan [2017 (11) TMI 1129 - ITAT PUNE] and Ramesh Narhari Jakhadi [1992 (2) TMI 178 - ITAT PUNE] held that the reference to the term “two years” has been interpreted to mean that not during the whole period of two years, even if the land is used for some days in the earlier year, it would be sufficient for compliance of the provisions of section 54B of the Act. Similarly, the fact that part of the land could not be used for agricultural purpose but grass was grown owing to the conditions of drought does not disentitle the assessee as the land was held for agricultural purposes only. In the light of these decisions, we hold that the reasoning of lower authorities cannot be appreciated. Accordingly, the findings of lower authorities are reversed. Appeal of assessee allowed.
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