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2022 (12) TMI 1320 - AT - Income TaxDeduction u/s 54B - deduction denied as agricultural land in which the capital gain was invested was purchased in the name of assessee’s wife - HELD THAT:- This above view, is unsustainable. Deduction under Section 54B/54F of the Act is available in cases where investments are made in property purchased in the name of wife. Therefore, following the ratio laid down in these decisions Laxmi Narayan [2017 (11) TMI 1622 - RAJASTHAN HIGH COURT, JAIPUR], Kamal Wahal [2013 (1) TMI 401 - DELHI HIGH COURT], Natarajan [2006 (2) TMI 136 - MADRAS HIGH COURT] and Ravinder Kumar Arora [2011 (9) TMI 343 - DELHI HIGH COURT] Thus hold that the assessee is eligible for deduction under Section 54B of the Act. Accordingly, direct the AO to allow deduction under Section 54B of the Act - Decided in favour of assessee.
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