The assessee sold a piece of land pursuant to an agreement dated 29.09.2006.  The sale deed was registered on 06.09.2010 for a sum, lesser than the stamp valuation of the land. Further the assessee invested the sale proceeds in purchasing new agricultural land in the name of his son on 20.06.2007 and claimed exemption under section 54B of the Income-Tax Act, 1961.  The Assessee contended that   the sale consideration should be based on the stamp valuation as of the agreement date (29.09.2006) rather than the registration date (06.09.2010). That the cheque for a part sum received on 29.09.2006, although post-dated to 09.10.2006, should be considered as part of the consideration received on the agreement date. The AO held that the sale consideration should be based on the stamp valuation as of the registration date (06.09.2010) because no part of the consideration was received through an account payee cheque or bank draft on or before the agreement date (29.09.2006). CIT(A) up held the order of the AO. On appeal the Tribunal  held that the sale consideration should be based on the stamp valuation as of the registration date (06.09.2010) because no part of the consideration was received through an account payee cheque or bank draft on or before the agreement date (29.09.2006).  The cheque received was post-dated and cleared only after the agreement date. As regards reinvesting proceeds from sale of agricultural land  in new agricultural land registered in the name of son, denial of exemption is not valid.  (AY. 2011-12)