https://www.taxtmi.com/caselaws?id=266184 The Tribunal partly allowed the Revenue's appeal challenging the CIT(A) order for A.Y 2009-10, modifying the deduction amount under section 54B for the Assessee. The cross objection by the Assessee was dismissed as not pressed. The Tribunal upheld the classification of the land as agricultural based on state revenue records, rejecting the AO's contention. The deduction under section 54B was determined based on the actual cost mentioned in the sale deed, not the higher registered value, directing the AO to grant the deduction accordingly. en-us Mon, 27 Jul 2015 00:00:00 +0530 Sun, 18 Oct 2015 17:44:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266184 The Tribunal partly allowed the Revenue's appeal challenging the CIT(A) order for A.Y 2009-10, modifying the deduction amount under section 54B for the Assessee. The cross objection by the Assessee was dismissed as not pressed. The Tribunal upheld the classification of the land as agricultural based on state revenue records, rejecting the AO's contention. The deduction under section 54B was determined based on the actual cost mentioned in the sale deed, not the higher registered value, directing the AO to grant the deduction accordingly. Case-Laws Income Tax Mon, 27 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266184