exemption under Section 54F of the Act
whereas the Revenue is in appeal disputing the action of the CIT(A) allowing
exemption under Section 54B ... relied on the language of section 54B to test the
admissibility of exemption u/s 54B . The presumption is that entries in
Revenue records
Under Section 54B is offset by taking cost of the new asset as reduced by the amount of capital gain exempted Under Section 54B ... exemption Under Section 54B is available to the assessee only when the land used for agricultural purposes is sold, and the assessee has within
sale of land at Tisgaon, the
assessee had claimed exemption under section 54B of the Act. The Assessing
Officer noted that the assessee had declared ... held the assessee not entitled to the said claim of
exemption under section 54B of the Act, since the land sold by the assessee
lower Authorities have erred in denying the claim of exemption
under section 54B for Rs. 1,55,12,500, being purchase of
agriculture land against ... located in residential area
at Hadapsar, Pune. Assessee had claimed exemption under
section 54B of the Act as assessee purchased another agricultural
land during
time prescribed and would be entitled to the claim of exemption under section
54B of the Act and the same be allowed to the assessee ... Shareholders reported in 349
ITR 336 (Bom) held that exemption under section 54B of the Act claimed during
assessment proceedings should be allowed. However
hands of the assessee and
connected issue of denial of exemption under section 54B of the Act.
4. The facts and issue ... details of
the claim u/s.54B are available with the assessee. Hence the claiming of
exemption under section 54(B) is valid
granted benefit of exemption u/s. 54B to the
assessee (HUF) by liberally interpreting the provisions of section 54B ... section 54B have been amended to include HUF w.e.f.
01-04-2013. Prior to aforesaid date, exemption u/s. 54B was available
only
While filing her return of income, she claimed exemption from levy of capital gains under Section 54B of the Act on the ground that ... land within two years had also been permitted to claim exemption under Section 54B of the Income-tax Act, 1961. In the instant case, even
exemption section series, i.e. Sec.54 & 54F and denied the benefit of
judgments only because the judgments refers to Sec.54 and Sec ... High Court. The assessee in that case had
claimed the exemption under section 54B of the Act as the sale proceeds were
invested
denied claim of exemption under
section 54B of the Act. Further, the assessee had claimed development
expenses which were disallowed by the Assessing Officer
