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2020 (1) TMI 245 - AT - Income TaxBenefit of exemption u/s 54B - Whether the investment on agricultural land made in the name of spouse of the assessee is allowable as deduction u/s 54B ? - HELD THAT:- Section 54B of the Act requires the assessee to purchase any other land for being used for agricultural purposes within a period of two years from the date of the sale from transfer of the capital being land. In view of the clear provisions, investment made by any other person particularly the spouse of the assessee, cannot be entitled for deduction under section 54B of the Act. In our opinion, the learned CIT(A) has adjudicated the issue keeping in view the decision of the Jurisdictional High Court, which is binding on the authorities within the jurisdiction of the Hon’ble High Court. The finding of the learned CIT(A) on the issue in dispute is well reasoned and we do not find any error in the same. The finding of the learned CIT(A) on the issue in dispute is accordingly upheld. The grounds of appeal raised by the assessee are dismissed.
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