Assessee claimed deduction under S 54B in respect of capital gain arising from sale of agricultural land. AO rejected assessee’s claim on ground that purchaser of land was a builder and thus, said piece of land was not agricultural land. The assessee filed petition u/s. 264 of the Act which is rejected by the CIT. On writ the Court held that the order of the AO while rejecting assessee’s claim was not in consonance with requirements made under S. 54B of the Act. Accordingly  the order was set aside and, matter was remanded back to AO for  disposal afresh keeping in view conditions imposed under S. 54B of the Act. (AY. 2015-16)