https://www.taxtmi.com/caselaws?id=368769 The court directed the Assessing Officer to verify if the ancestral agricultural land sold was not a capital asset. If proven, no capital gains would be chargeable. The deduction u/s 54B for purchasing new agricultural land was denied for the second purchase due to failure in proving the source of funds within the specified time limit. The appeal was partly allowed for statistical purposes, with the decision announced on October 9, 2018. en-us Tue, 09 Oct 2018 00:00:00 +0530 Sat, 13 Oct 2018 15:08:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368769 The court directed the Assessing Officer to verify if the ancestral agricultural land sold was not a capital asset. If proven, no capital gains would be chargeable. The deduction u/s 54B for purchasing new agricultural land was denied for the second purchase due to failure in proving the source of funds within the specified time limit. The appeal was partly allowed for statistical purposes, with the decision announced on October 9, 2018. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368769