https://www.taxtmi.com/caselaws?id=401493 The ITAT directed the AO to verify the similarity of facts with a similar case and decide accordingly. The ITAT restored the main issue of the year of taxability and the deduction claimed under Section 54B/54F to the AO for verification. If the assessee could prove that the sale proceeds were received in the subsequent year and invested in new agricultural land, the requirement to deposit the amount in the Capital Gains account would not apply. The appeal was allowed for statistical purposes, and the matter was sent back to the AO for fresh consideration. en-us Thu, 22 Oct 2020 00:00:00 +0530 Tue, 08 Dec 2020 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401493 The ITAT directed the AO to verify the similarity of facts with a similar case and decide accordingly. The ITAT restored the main issue of the year of taxability and the deduction claimed under Section 54B/54F to the AO for verification. If the assessee could prove that the sale proceeds were received in the subsequent year and invested in new agricultural land, the requirement to deposit the amount in the Capital Gains account would not apply. The appeal was allowed for statistical purposes, and the matter was sent back to the AO for fresh consideration. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401493