https://www.taxtmi.com/caselaws?id=206094 The High Court dismissed the Revenue's appeal, upholding the lower authorities' decisions that the assessee was entitled to exemption of capital gains under Section 54-B of the Income-Tax Act. The court found that the assessee had utilized the sale proceeds to purchase agricultural lands within the specified time, fulfilling the requirements of the Act. Both the CIT(A) and the Tribunal concluded that the assessee had complied with Section 54B(1) conditions by investing the entire capital gain amount in new assets before the due date for filing the return. en-us Tue, 30 Nov 2010 00:00:00 +0530 Tue, 11 Oct 2011 08:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206094 The High Court dismissed the Revenue's appeal, upholding the lower authorities' decisions that the assessee was entitled to exemption of capital gains under Section 54-B of the Income-Tax Act. The court found that the assessee had utilized the sale proceeds to purchase agricultural lands within the specified time, fulfilling the requirements of the Act. Both the CIT(A) and the Tribunal concluded that the assessee had complied with Section 54B(1) conditions by investing the entire capital gain amount in new assets before the due date for filing the return. Case-Laws Income Tax Tue, 30 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206094