The assessee entered into an agreement to sell agricultural land at Rs. 4 crores on August 13, 2010. An amount of Rs. 10 lakhs towards the earnest money was received by the assessee as part of the agreement. On October 15, 2011, possession of the land was handed over by the assessee to the purchasers of the land. On July 3, 2012, the sale deed came to be executed by the assessee in favour of the purchaser of the land. The assessee had purchased a new residential house in April 2010. The assessee claimed benefits under sections 54F and 54B which were denied by the Tribunal.  Dismissing the appeal of the revenue the Court held that,  the assessee had purchased the new residential house in April 2010. The agreement to sell which had been executed on August 13, 2010 could be considered as the date on which the property, i.e., the agricultural land had been transferred. Hence entitled to  exemption. (Ratio in Sanjeev Lal v. CIT ( 2014  ) 365 ITR 389 (SC) is explained )  (AY. 2013-14)