https://www.taxtmi.com/caselaws?id=385127 The Tribunal ruled that the initiation of reassessment proceedings under Section 147 of the Income-Tax Act was invalid due to the absence of recorded reasons before issuing the notice. Regarding the exemption under Section 54B, the Tribunal allowed the appeal, stating that the assessee complied with the conditions by investing in agricultural land within the stipulated period, even though legal title transfer was delayed due to uncontrollable circumstances. The decision emphasized that the investment within the timeframe sufficed for claiming exemption. en-us Wed, 31 Jul 2019 00:00:00 +0530 Thu, 29 Aug 2019 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385127 The Tribunal ruled that the initiation of reassessment proceedings under Section 147 of the Income-Tax Act was invalid due to the absence of recorded reasons before issuing the notice. Regarding the exemption under Section 54B, the Tribunal allowed the appeal, stating that the assessee complied with the conditions by investing in agricultural land within the stipulated period, even though legal title transfer was delayed due to uncontrollable circumstances. The decision emphasized that the investment within the timeframe sufficed for claiming exemption. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385127