https://www.taxtmi.com/caselaws?id=419737 The Tribunal dismissed the appeal, upholding the denial of exemption u/s 54B of the Income-tax Act, 1961 to the assessee. Despite conflicting decisions from different High Courts, the Tribunal emphasized the binding nature of the jurisdictional High Court's precedent. The assessee's purchase of new agricultural land in her sons' names did not meet the criteria set by the Hon'ble Bombay High Court, leading to the rejection of the exemption claim. The decision underscores the importance of adhering to the rulings of the jurisdictional High Court, resulting in the assessee being deemed ineligible for the exemption u/s 54B. en-us Wed, 16 Mar 2022 00:00:00 +0530 Sat, 19 Mar 2022 07:36:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419737 The Tribunal dismissed the appeal, upholding the denial of exemption u/s 54B of the Income-tax Act, 1961 to the assessee. Despite conflicting decisions from different High Courts, the Tribunal emphasized the binding nature of the jurisdictional High Court's precedent. The assessee's purchase of new agricultural land in her sons' names did not meet the criteria set by the Hon'ble Bombay High Court, leading to the rejection of the exemption claim. The decision underscores the importance of adhering to the rulings of the jurisdictional High Court, resulting in the assessee being deemed ineligible for the exemption u/s 54B. Case-Laws Income Tax Wed, 16 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419737