Assessee, an agriculturist, sold his agricultural land and purchased another piece of land and claimed exemption under section 54B. Assessing Officer held that said land was reported and mentioned as residential in order passed by the State Government Stamp Duty Officer under the Stamp Duty Act, hence denied exemption under section 54B on the ground that the sold land was a non-agricultural capital asset and LTCG tax was payable by assessee. CIT(A) allowed the exemption. On appeal, the Tribunal held that, from the jamabandi of said land, it was described to be under self-cultivation, and the same details were available for financial years 2007-08 to 2011-12, which proved that the particular land was under cultivation for more than the last two years. Since the land sold by assessee was used for agricultural activities for the last two years preceding the date of transfer and sale proceeds were utilised for purchase of another land which was again used for agricultural purposes, assessee was entitled to benefit of section 54B\u00a0 of the Act.\u00a0 (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54B: Capital gains-Land used for agricultural purposes-land sold was used for agricultural activities for the last two years immediately preceding the date of transfer-Sale proceeds were also utilised for purchase of another land, which was again used for agricultural purposes-Exemption cannot be denied on the ground that after sale land was declared as non-agricultural by Stamp Duty Officer.[S. 45] <\/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_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":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60900","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fQg","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60900","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=60900"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60900\/revisions"}],"predecessor-version":[{"id":60901,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60900\/revisions\/60901"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}