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2023 (2) TMI 915 - AT - Income TaxBenefit of exemption u/s 54F & 54B - Long term capital gain from sale of urban agricultural land - AO held that capital gain was taxable in A.Y. 2012-13 and not 2011-12 - HELD THAT:- It is pertinent to note that the Ld. A.R. has distinguished the decision in factual aspect that of Balbir Singh Maini [2017 (10) TMI 323 - SUPREME COURT] and Suraj Lamp & Industries [2011 (10) TMI 8 - SUPREME COURT] In this particular case the assessee is an individual and he has sold 1/4th share of the said land and purchased the land (agricultural land) in A.Y. 2011-12 itself. The execution of the agreement related to purchase of land and possession of the land was in A.Y. 2011-12 only. The registration is in April 2011cannot debar the assessee when the assessee has claimed benefit of exemption under Section 54F & 54B is in A.Y. 2011-12 itself. The same has not been granted in that particular year. As the assessee has offered his income from Long Term Capital Gain in A.Y. 2011-12 only. These aspects were not taken into account by the Assessing Officer as well as CIT(A). Hence, the appeal of the assessee is allowed.
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