https://www.taxtmi.com/caselaws?id=389654 The court dismissed the appeal, ruling in favor of the Revenue and against the assessee, as the appellant did not meet the conditions for exemption under Section 54B of the Income Tax Act, 1961. The court emphasized the significance of adhering to the specified lock-in period for claiming tax exemptions under Section 54B, highlighting the legislative intent to encourage the use of land for agricultural purposes and provide tax benefits only if the new asset is held for a specified period. en-us Tue, 23 Jul 2019 00:00:00 +0530 Fri, 13 Dec 2019 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389654 The court dismissed the appeal, ruling in favor of the Revenue and against the assessee, as the appellant did not meet the conditions for exemption under Section 54B of the Income Tax Act, 1961. The court emphasized the significance of adhering to the specified lock-in period for claiming tax exemptions under Section 54B, highlighting the legislative intent to encourage the use of land for agricultural purposes and provide tax benefits only if the new asset is held for a specified period. Case-Laws Income Tax Tue, 23 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389654