Assessees Seema Bhattacharya  and Jhrana Bhattachrya were wives of kartas  Shri Baskar Bhattachrya (Husband of JB)   and  Shankar Bhattacharya  (Husband of SB)  who were brothers. Assessees sold their agricultural land and purchased an immovable property from sale consideration.  Assessee Seema Bhattacharya    claimed exemption under section 54B for investment of sale proceeds in agricultural land. Held that the assessees sold residential plots by plotting agricultural land.   Date of conversion of erstwhile agricultural land into a residential land or commencement of plotting itself, could be regarded as date of conversion of erstwhile capital asset into a business/trading asset. Matter remanded back to Assessing Officer to compute capital gains and business income. (AY. 2009-10)