Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
ITAT upheld taxpayer's claim for exemption under section 54B regarding capital gains from sale of agricultural land. Evidence showed consistent agricultural income in previous years, including Rs. 14,000 for AY 2011-12. Independent verification by halka Patwari confirmed cultivation of Gwar crop on the disputed land. While Revenue contested full exemption claim since only part of land was used for agriculture, ITAT found the entire parcel constituted an integrated agricultural asset. Taxpayer complied with reinvestment requirements by purchasing new agricultural land and temporarily depositing Rs. 60 lacs in Capital Gains Scheme, which was later properly declared for taxation. The tribunal ruled the section 54B exemption was validly claimed based on documented agricultural use and compliant reinvestment.
ITAT upheld taxpayer's claim for exemption under section 54B regarding capital gains from sale of agricultural land. Evidence showed consistent agricultural income in previous years, including Rs. 14,000 for AY 2011-12. Independent verification by halka Patwari confirmed cultivation of Gwar crop on the disputed land. While Revenue contested full exemption claim since only part of land was used for agriculture, ITAT found the entire parcel constituted an integrated agricultural asset. Taxpayer complied with reinvestment requirements by purchasing new agricultural land and temporarily depositing Rs. 60 lacs in Capital Gains Scheme, which was later properly declared for taxation. The tribunal ruled the section 54B exemption was validly claimed based on documented agricultural use and compliant reinvestment.
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