https://www.taxtmi.com/caselaws?id=365170 Deduction under section 54F was not allowable because the residential house was purchased before the legally effective transfer of the capital asset; the earlier agreement to sell did not create enforceable transfer rights, so the purchase fell outside the statutory time window. Deduction under section 54B was also not allowable because, on the date of the registered conveyance, the land had already been converted into non-agricultural land and was conveyed in that character, so the asset transferred was not agricultural land as required by the provision. The capital gains exemption claims therefore failed and the additions were sustained. en-us Mon, 18 Jun 2018 00:00:00 +0530 Sat, 11 Aug 2018 08:27:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365170 Deduction under section 54F was not allowable because the residential house was purchased before the legally effective transfer of the capital asset; the earlier agreement to sell did not create enforceable transfer rights, so the purchase fell outside the statutory time window. Deduction under section 54B was also not allowable because, on the date of the registered conveyance, the land had already been converted into non-agricultural land and was conveyed in that character, so the asset transferred was not agricultural land as required by the provision. The capital gains exemption claims therefore failed and the additions were sustained. Case-Laws Income Tax Mon, 18 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365170