Allowing the appeal of the assessee the Court held that ; investment in the name of wife was held to be entitle to exemption .The word used are the assessee has to invest , it is not specified that it is to be in the name of assessee. Expenditure on bore wells and stamp duty to be taken in to consideration while considering the exemption.( AY. 2008 -09)
Laxmi Narayan v. CIT (2018) 402 ITR 117/( 2019) 306 CTR 361 (Raj) (HC) Shravan lal Meena L/H of Late Bhagwanta Meena v.ITO (2018) 402 ITR 117/( 2019) 306 CTR 361 (Raj) (HC) Mahadev Balaji v .ITO (2018) 402 ITR 117 /( 2019) 306 CTR 361(Raj) (HC)
S. 54B : Capital gains – Land used for agricultural purposes – Investment in the name of wife was held to be entitle to exemption .The word used are the assessee has to invest , it is not specified that it is to be in the name of assessee. Expenditure on bore wells and stamp duty to be taken in to consideration while considering the exemption [ S. 45, 263 ]