https://www.taxtmi.com/caselaws?id=284938 The Tribunal upheld the withdrawal of exemption u/s.54B of the Income Tax Act, 1961, as the new asset, although rural agricultural land, was sold within 3 years, resulting in its cost being considered nil for capital gain computation. Despite the nature of the asset, the Tribunal emphasized that failure to meet the basic conditions of section 54B justified the exemption withdrawal. The appeal challenging the withdrawal was dismissed, affirming the decision of the Lower Authorities. en-us Tue, 11 Dec 2018 00:00:00 +0530 Wed, 18 Dec 2019 10:01:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284938 The Tribunal upheld the withdrawal of exemption u/s.54B of the Income Tax Act, 1961, as the new asset, although rural agricultural land, was sold within 3 years, resulting in its cost being considered nil for capital gain computation. Despite the nature of the asset, the Tribunal emphasized that failure to meet the basic conditions of section 54B justified the exemption withdrawal. The appeal challenging the withdrawal was dismissed, affirming the decision of the Lower Authorities. Case-Laws Income Tax Tue, 11 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284938