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TMI Blog1983 (11) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... ok place between him and the other members of his family. In that partition, certain agricultural lands were allotted to the assessee. Subsequently, the lands were acquired by the Government in February 1975. With the compensation received, the assessee purchased two other pieces of agricultural lands on February 9, 1977, and claimed that a sum of Rs. 78,929 incurred for the purchase of the fresh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und that the assessee had satisfied both the conditions, namely : (1) that he has utilised the sale proceeds of the lands for purchasing fresh lands within a period of two years from the date of the acquisition; and (2) that he has held the lands for agricultural purposes two years prior to the acquisition. The AAC had, in fact, found on the material that before the acquisition, the assessee held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperties for agricultural purposes one year prior to the partition should be taken to be the possession by the assessee as a coparcener of the lands for agricultural purposes and, therefore, the conditions laid down in s. 54B of the I.T. Act, 1961, should be taken to have been fulfilled in this case. In that view, the Tribunal also rejected the appeal filed by the Revenue. Before us, the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on by the HUF should be taken also to be the possession by a coparcener. Therefore, the possession by the HUF, of which the assessee is a coparcener, for a period of one year has rightly been taken as the possession by the assessee, who was then a coparcener. It is not the case of the Revenue before us that the other conditions of the said s. 54B are not satisfied. Since, we are inclined to agree ..... X X X X Extracts X X X X X X X X Extracts X X X X
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