https://www.taxtmi.com/caselaws?id=169118 The case involved an appeal regarding exemption under section 54B of the Income Tax Act and fair market value as of April 1, 1981. The Tribunal found that the lower authorities had not properly examined the requirements for claiming exemption under section 54B, specifically regarding the agricultural use of the land and reinvestment in agricultural land. Therefore, the matter was remitted back to the Assessing Officer for a fresh examination. Additionally, the Tribunal decided that the fair market value issue needed reconsideration and was also remitted back to the Assessing Officer. Appeals and cross-objection were allowed for statistical purposes. en-us Tue, 01 Apr 2014 00:00:00 +0530 Mon, 06 Apr 2015 21:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169118 The case involved an appeal regarding exemption under section 54B of the Income Tax Act and fair market value as of April 1, 1981. The Tribunal found that the lower authorities had not properly examined the requirements for claiming exemption under section 54B, specifically regarding the agricultural use of the land and reinvestment in agricultural land. Therefore, the matter was remitted back to the Assessing Officer for a fresh examination. Additionally, the Tribunal decided that the fair market value issue needed reconsideration and was also remitted back to the Assessing Officer. Appeals and cross-objection were allowed for statistical purposes. Case-Laws Income Tax Tue, 01 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169118