https://www.taxtmi.com/caselaws?id=351327 Section 54B exemption was treated as available where the assessee established agricultural use of the original land through revised revenue extracts, prior returns, and surrounding circumstances, even though the cultivation entries in the revenue records were doubtful. The purchase of other agricultural land, with consideration paid and possession accepted, was treated as sufficient qualifying reinvestment, and the provision was read liberally as a beneficial exemption. On agricultural income, the addition based on estimation was sustained in part because the Assessing Officer's receipt-based computation was found better supported by the record than the appellate reduction. en-us Wed, 11 Oct 2017 00:00:00 +0530 Thu, 14 May 2026 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351327 Section 54B exemption was treated as available where the assessee established agricultural use of the original land through revised revenue extracts, prior returns, and surrounding circumstances, even though the cultivation entries in the revenue records were doubtful. The purchase of other agricultural land, with consideration paid and possession accepted, was treated as sufficient qualifying reinvestment, and the provision was read liberally as a beneficial exemption. On agricultural income, the addition based on estimation was sustained in part because the Assessing Officer's receipt-based computation was found better supported by the record than the appellate reduction. Case-Laws Income Tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351327