24 October 2008
sir, 'A' sold his agricultural lands situated within the limits of Nagar Palika in A.Y. 2004-05. 'A' invested the amount, more than the sale consideration, over purchase of another agricultural land within the 2 years of sale of the above land in joint names of himself and his two major sons.Assessing Officer quantified the deduction u/s 54 B to 1\3rd of the investment made.C I T (A)dissmissed the appeal and hold the order of the A/O. Kindly enlighten with case laws.
24 October 2008
One case came to my mind is THIRD ITO Vs. S.VARADARAJAN (1989) 33 TTJ (Mad)466. Decision is,exemption u/s 54 cannot be denied on the technical ground that the documents was not in the name of the asessee.
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