https://www.taxtmi.com/caselaws?id=63241 The Tribunal allowed the appellant's appeal, granting exemption under section 54B of the IT Act for the assessment year 1981-82. It held that the appellant sold agricultural land and reinvested the proceeds in acquiring agricultural land, making the capital gain non-taxable under section 54B. The Tribunal directed the AO to revise the assessment accordingly, emphasizing that the claim for exemption should be allowed liberally as the appellant did not participate in dividing the land into plots. en-us Mon, 19 May 1997 00:00:00 +0530 Fri, 28 Jan 2011 16:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63241 The Tribunal allowed the appellant's appeal, granting exemption under section 54B of the IT Act for the assessment year 1981-82. It held that the appellant sold agricultural land and reinvested the proceeds in acquiring agricultural land, making the capital gain non-taxable under section 54B. The Tribunal directed the AO to revise the assessment accordingly, emphasizing that the claim for exemption should be allowed liberally as the appellant did not participate in dividing the land into plots. Case-Laws Income Tax Mon, 19 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63241