https://www.taxtmi.com/caselaws?id=425081 The Tribunal allowed the appeals filed by related assessees against the disallowance of deduction under section 54B of the Income Tax Act by the Assessing Officer. The primary issue was the interpretation of the term "two years" in relation to agricultural land usage for claiming exemption under section 54B. The Tribunal held that any duration of agricultural use during the two years suffices for compliance and adverse conditions like drought do not disqualify the land. The decision overturned the findings of the lower authorities, allowing both appeals and granting the deduction under section 54B to the assessee. en-us Wed, 13 Jul 2022 00:00:00 +0530 Fri, 15 Jul 2022 09:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425081 The Tribunal allowed the appeals filed by related assessees against the disallowance of deduction under section 54B of the Income Tax Act by the Assessing Officer. The primary issue was the interpretation of the term "two years" in relation to agricultural land usage for claiming exemption under section 54B. The Tribunal held that any duration of agricultural use during the two years suffices for compliance and adverse conditions like drought do not disqualify the land. The decision overturned the findings of the lower authorities, allowing both appeals and granting the deduction under section 54B to the assessee. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425081