The AO held that new agricultural land was not purchased in the name assesse but in the name of sons hence not entitled to exemption . Tribunal up held the order of the AO , following the jurisdictional High Court in Prakash v.ITO ( 2009) 312 ITR 40 ( Bom)( HC) . ( ITA No. 2223/ Pun/ 2017 )( AY. 2011-12 )
Vandana Pathore v.ITO 2022) The Chamber’s Journal -August – P. 154 ( Pune ) ( Trib)
S. 54B : Capital gains – Land used for agricultural purposes -Purchase of agricultural land in the name sons – Not entitle to exemption – Followed jurisdictional High Court .