https://www.taxtmi.com/caselaws?id=420784 A reference to the DVO under section 55A for valuing land as on 01.04.1981 was held unsustainable for assessment year 2012-13 because the amendment enlarging that power operated prospectively from assessment year 2013-14. The Registered Valuer's valuation therefore remained the valid value for that date. For section 54B, transfer of the original agricultural land was treated as occurring when the agreement to sell was executed and possession was handed over, attracting section 2(47)(v) read with section 53A of the Transfer of Property Act. The later purchase of new agricultural land was within the permissible period, so deduction under section 54B was allowed. en-us Wed, 06 Apr 2022 00:00:00 +0530 Fri, 08 Apr 2022 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420784 A reference to the DVO under section 55A for valuing land as on 01.04.1981 was held unsustainable for assessment year 2012-13 because the amendment enlarging that power operated prospectively from assessment year 2013-14. The Registered Valuer's valuation therefore remained the valid value for that date. For section 54B, transfer of the original agricultural land was treated as occurring when the agreement to sell was executed and possession was handed over, attracting section 2(47)(v) read with section 53A of the Transfer of Property Act. The later purchase of new agricultural land was within the permissible period, so deduction under section 54B was allowed. Case-Laws Income Tax Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420784