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2017 (8) TMI 285 - HC - Income TaxExemption u/s 54B denied - capital gain from sale of agriculture land - investment in the new land made in the name of wife of the assessee - Held that:- Section 54B of the Act nowhere suggests that the legislature intended to advance the benefit of the said section to an assessee who purchases agricultural land even in the name of a third person. The term “assessee” is qualified by the expression “purchased any other land for being used for agricultural purposes”, which necessarily means that the new asset has to be in the name of the assessee himself. In the present case, the assessee alongwith his brother sold agricultural land in Village Ratoli, Yamuna Nagar for ₹ 72,00,000/- on 09.10.2006. Out of his half share, he purchased another agricultural land for ₹ 35,51,000/- in the name of his wife on 15.5.2007. As the value of the said land was more than that of the land sold, he did not disclose any long term capital gain and claimed exemption under Section 54B of the Act. Since the issue has already been concluded against the assessee by this Court in Jai Naryan’s case (2007 (8) TMI 295 - PUNJAB AND HARYANA HIGH COURT) and the Tribunal has also followed the said judgment, learned counsel for the appellant has not been able to controvert the applicability of the said decision or to show any error in the findings recorded by the Tribunal except to rely upon pronouncement of the High Courts referred to in the earlier part of this judgment. - Decided against assessee.
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