Land purchased prior to date of transfer of agricultural land not eligible for sec. 54B exemption: ITAT

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Land purchased prior to date of transfer of agricultural land not eligible for sec. 54B exemption: ITAT

[2019] 107 taxmann.com 217 (Ahmedabad – Trib.)/[2019] 177 ITD 591 (Ahmedabad – Trib.)
INCOME TAX : Where assessee had purchased a land prior to date of transfer of his agricultural land, Commissioner was justified in disallowing exemption under section 54B
Section 54B, read with section 263, of the Income-tax Act, 1961 – Capital gains – Transfer of land used for agricultural purposes (Revision) – Assessment year 2012-13 – Whether as per section 54B(1) deduction is permissible only where capital gain is utilized for purchase of land after transfer of a capital – Held, yes – Whether where assessee had purchased a land prior to date of transfer of his agricultural land, Commissioner was justified in disallowing exemption under section 54B – Held, yes

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