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2016 (3) TMI 1365

..... the name of his wife, therefore, we agree with the contention of learned AR that investment in the name of wife was eligible u/s 54B of the Act. However, the investment in the name of his Bhabhi is not eligible for exemption u/s 54B, therefore, taxable capital gain in the case of the assessee is restricted to ₹ 2,02,955/-. - I.T.A No. 21(Asr)/2015 Assessment Year: 2009-10 - 9-3-2016 - Sh. A.D.Jain, Hon ble Judicial Member And Sh. T.S. Kapoor, Hon ble Accountant Member Appellant by: Sh. Dr. Kanchan Garg (DR.) Respondent by: Sh. S.S.Kalra (CA.) ORDER T. S. Kapoor (AM): This is an appeal filed by Revenue against the order of learned CIT(A), Ludhiana, dated 17.10.2014, for the Asst. Year 2009-10. 2. The following grounds of appeal has bee .....

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..... invited our attention to paper book page 14 & 15 where a copy of remand report was placed which was issued by Assessing Officer in view of additional evidence filed by assessee. The learned AR invited our attention to paper book page 1 where working of capital gains earned by assessee was placed and he submitted that if the investment made by assessee in the name of his wife and Bhabhi are considered the figure of capital gain will be in negative and even if the investment in the name of his Bhabhi is not considered even then taxable capital gain will work out to be ₹ 2,02,955/- and he stated that assessee will not have any objection if the addition to this extent is confirmed. The learned AR in this respect relied upon the case l .....

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..... hat assessee had made much more investment than the capital gains in the purchase of agricultural land and therefore, the case of the assessee was fully covered by provisions of section 54B and no taxable income on account of capital gain arose. It was submitted that though the assessee as per agreement to sale had purchased agricultural land much more than sale consideration but even if registered value after taking into account the indexed cost is considered the taxable capital gain is negative. The learned CIT(A) has admitted the additional evidence and after obtaining remand report from the Assessing Officer allowed relief to the assessee. In the remand report at paper book page 14 & 15 the Assessing Officer has accepted that the la .....

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..... nsel for the Revenue and gone through the aforesaid impugned order. In our opinion, from the impugned order, no substantial question of law is arising for consideration of this Court as the Tribunal while recording a pure finding of fact has dismissed the appeal of the Revenue. Undisputedly, in this case the assessee had sold the agricultural land which was being used by him for agricultural purposes. Out of sale proceeds of the said sale, the assessee has purchased other piece of land (land in question) in his name and in the name of his only son, who was bachelor and dependent upon him, for being used for agricultural purposes within the stipulated time. Further, it is not the case of the Revenue that from the sale proceeds of the agricul .....

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