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2020 (12) TMI 292 - ITAT CHANDIGARHLong term capital gain on sale of agriculture land - transfer of land in the year under consideration - only 10% of the sale consideration was received during the year and balance 90% consideration was received on 30.06.2008 i.e. AY 2009-10 - eligible for grant of deduction u/s. 54B - HELD THAT:- Issue involved in this appeal is squarely covered by the decision of the Tribunal dated 9.4.2018 in the case of 'Shri Sheo Ram, Jagadhari vs ITO' [2018 (4) TMI 1842 - ITAT CHANDIGARH] sellers/farmers who had sold the land to the purchasers, as named above, had received only part payment of 10% of the entire consideration in the financial year 2007-08 and the remaining consideration was withheld by the builder. The sellers so duped by the builder, had approached the Hon'ble Punjab & Haryana High Court and the Hon'ble High Court vide order [2009 (2) TMI 900 - PUNJAB AND HARYANA HIGH COURT] had ordered an investigation into the matter and after considering the report of the Inspector had directed the builder to make the payment of the balance arrears to the sellers/farmers which was paid by the builder in the subsequent years. The Tribunal considering the aforesaid facts in the said case has restored the matter to the file of the Assessing Officer for the limited purpose of enabling the assessee to establish the similarity of the facts of the case with that of the case of Shri Rajiv Kumar [2016 (7) TMI 184 - ITAT CHANDIGARH] and directed AO to verify the claim of the assessee in this regard and thereafter to pass and order in accordance with law. The issue relating to the claim of deduction u/s. 54B and 54F of the Act was also restored to the file of the Assessing Officer to be adjudicated upon afresh. Whether land belonged to the ''HUF'' and not to the assessee? - We are not convinced with the said contention of the assessee. The land was in the name assessee in individual capacity and the same was sold to the builder by the assessee in his individual capacity as there was no mentioned that the land was being sold by the assessee as Karta of 'HUF' - proceeds of the sale were also deposited/retained by the assessee in his individual capacity and further the land so purchased out of the proceeds of the sale was also in the name of the assessee in individual capacity - plea that the income/capital gains should have been assessed in the name of the 'HUF' seems to be an afterthought. Moreover, the issue relating to the 'HUF' has not been pressed before the Ld. CIT(A). This issue is accordingly decided against the assessee.
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