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2023 (4) TMI 241 - AT - Income Tax
Deduction u/s 54B - DR rejected the exemption as assessee has not purchased the land in his own name and the purchase deed is in the name of the wife of the assessee - HELD THAT:- It is an undisputed fact that the assessee’s share including cheque and cash. The purchase of the agricultural land was in the same financial year i.e. 2009-10 and the purchase deed dated 27.04.2010 is in the name of assessee’s wife.
This fact was also not disputed. The amount given to the seller was from the assessee which can be seen from the documents provided by the assessee during the assessment proceedings as well as before the CIT(A). The assessee has demonstrated that the amount was paid in cheque and remaining amount was paid on various dates in cash. The remand report is solely relying on the statement of the Notary but the actual transaction was not disputed by the AO as well as the CIT(A).
Thus, the claim made by the assessee that of deduction u/s 54B was justifiable as the purchase was made in the name of assessee’s wife for which the assessee has paid the entire - Therefore, the CIT(A) was not right in denying the said claim. Appeal of the assessee is allowed.