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2014 (5) TMI 1032 - AT - Income TaxDeduction u/s 54B - new land purchased by the assessee was in the name of Nirmal Singh that is the son of the assessee - Held that:- assessee is basically an agriculturalist and is aged about 75 years. Further the land which was sold by the assessee was in the joint name of the assessee along with his son, which means the son was also part owner of the land - Even if we consider the decision of Jai Narayan v. ITO [2007 (8) TMI 295 - PUNJAB AND HARYANA HIGH COURT] the court has simply stated that the word "assessee" occurred in section 54B must be interpreted in same manner as occurring with the context and subject of its usage. Even from that angle since the son of the assessee was also joint owner of the land, which was sold (because name of the son was there in the land which the assessee was holding though beneficial owner is only the assessee). Therefore in our opinion, if the land was purchased in the name of the son of the assessee because of old age and other technical reasons, the assessee would still be entitled to deduction under section 54B of the Act. Accordingly we set aside the order of the learned Commissioner of Income-tax (Appeals) and direct the Assessing Officer to allow deduction under section 54B of the Act. - Decided in favour of assessee.
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