https://www.taxtmi.com/caselaws?id=339403 The Court upheld the decision of the Income Tax Appellate Tribunal, dismissing the Revenue's appeal against the deletion of disallowance under Section 54B of the Income Tax Act for the Assessment Year 2011-12. The Tribunal found that despite the property being registered in the assessee's son's name, it was used for agricultural purposes and met the conditions of Section 54B. The judgment emphasized that ownership in another's name does not affect eligibility for deductions as long as the investment originates from the assessee. The Court rejected the appeal, emphasizing the importance of factual findings and adherence to statutory provisions in determining deduction eligibility. en-us Thu, 16 Feb 2017 00:00:00 +0530 Tue, 21 Feb 2017 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339403 The Court upheld the decision of the Income Tax Appellate Tribunal, dismissing the Revenue's appeal against the deletion of disallowance under Section 54B of the Income Tax Act for the Assessment Year 2011-12. The Tribunal found that despite the property being registered in the assessee's son's name, it was used for agricultural purposes and met the conditions of Section 54B. The judgment emphasized that ownership in another's name does not affect eligibility for deductions as long as the investment originates from the assessee. The Court rejected the appeal, emphasizing the importance of factual findings and adherence to statutory provisions in determining deduction eligibility. Case-Laws Income Tax Thu, 16 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339403