https://www.taxtmi.com/caselaws?id=27639 Section 54B exemption applies only when agricultural land is actually transferred and another agricultural land is purchased within the prescribed period as a substitution. An agreement to sell does not itself constitute a transfer, because it only creates a right to sue for specific performance and does not amount to the statutory transfer contemplated by the Income-tax Act. A purchase made before the actual transfer of the original land also does not satisfy the mandatory sequence in the provision. On that reasoning, the capital gains exemption claim was rejected. en-us Mon, 20 Jun 1983 00:00:00 +0530 Mon, 15 Feb 2010 11:37:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27639 Section 54B exemption applies only when agricultural land is actually transferred and another agricultural land is purchased within the prescribed period as a substitution. An agreement to sell does not itself constitute a transfer, because it only creates a right to sue for specific performance and does not amount to the statutory transfer contemplated by the Income-tax Act. A purchase made before the actual transfer of the original land also does not satisfy the mandatory sequence in the provision. On that reasoning, the capital gains exemption claim was rejected. Case-Laws Income Tax Mon, 20 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27639