Tribunal held that exemption under S. 54B could not be denied for the reason that the eligible agriculture land had been purchased in the name of the assessee’s sons. The assessee sold the agricultural land and out of the sale proceeds, he purchased other piece of land in his name and in the name of his sons for agricultural purposes within the stipulated time. It was not the case of the Department that from the sale proceeds of the agricultural land earlier owned by the assessee, the land was purchased for any other purpose than the agricultural purpose. Hence, exemption under S. 54B of the Act was to be allowed even if the new agricultural land was purchased in the name of family members. (AY. 2011-12)