Assessee and his three brothers sold jointly owned land and for his 1/4th share, assessee purchased land in name of his wife and claimed exemption under section 54B.High Court held that purchase of agricultural land in name of his wife would not entitle to exemption. Relied on CIT v. Dinesh Verma [2015]233 Taxman 409 (Punj. & Har.) (HC).SLP filed by assesse was dismissed.
Bahadur Singh v. CIT (Appeals) (2023) 295 Taxman 313 (SC) Editorial: Bahadur Singh v. CIT (Appeals) (2023) 154 taxmann.com 456 (P& H)(HC)
S. 54B : Capital gains-Land used for agricultural purposes-Purchased land in name of wife-Not entitle to exemption-Order of High Court affirjed-SLP dismissed. [S. 45]