Held that both seller and purchaser confirmed the transaction. There is requirement that the assessee should execute sale deed for claiming the exemption. Order of CIT(A) allowing the exemption is affirmed. The assessee has taken market value of the agricultural land as on Ist April, 1981 for computing the capital gains and the Assessing Officer has provided the evidence hence the order of CIT(A) is affirmed. (AY. 2013-14)
ITO v. Badri Prasad (2023) 226 TTJ 106 (UO) (Jodhpur)(Trib)
S. 54B : Capital gains-Land used for agricultural purposes-Co-owner-Both seller and purchaser confirmed the transaction-There is requirement that the assessee should execute sale deed for claiming the exemption [ S. 45, 48, 55(2)(b)]