During year, assessee sold three lands and claimed exemption under section 54B.\u00a0 Assessing Officer denied the exemption on the ground that\u00a0 the\u00a0 assessee had failed to place on record supporting documentary evidence which would substantiate that lands sold by him were either being used by him or his parents for agricultural purpose in two years immediately preceding date on which same were transferred i.e. a pre-condition for claiming deduction under section 54B. On appeal the Tribunal held that on a bare perusal of ‘Form P-II\/Khasra’ (forming part of sale deeds of subject properties), it could safely be gathered that agricultural operations i.e. growing paddy crop were being carried out by assessee on subject lands in two years immediately preceding date on which same were transferred.\u00a0 Since pre-condition as regards usage of lands sold by assessee for agricultural purposes in two years immediately preceding date on which they were transferred was found to be satisfied, Assessing Officer is\u00a0 directed to allow the\u00a0 claim for exemption under section 54B, subject to verification of satisfaction of other conditions contemplated in said statutory provision. (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54B : Capital gains-Land used for agricultural purposes-Growing paddy crop-Lands used for agricultural purposes two years immediately preceding date on which land was sold-Entitle to exemption. [S. 45, 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-55351","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-eoL","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=55351"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55351\/revisions"}],"predecessor-version":[{"id":55352,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55351\/revisions\/55352"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}