https://www.taxtmi.com/caselaws?id=428150 The Tribunal upheld the denial of deduction under Sections 54B/54F of the Income Tax Act for an individual Assessee who claimed exemption on Long Term Capital Gain from the sale of agricultural land. The Assessee's claims were rejected as the new asset purchased was commercial property, not agricultural or residential land. The Tribunal refused to admit additional grounds and evidence supporting the Assessee's claim, citing the lack of relevant facts before the Revenue authorities. Consequently, the appeal was dismissed on 22.09.2022. en-us Thu, 22 Sep 2022 00:00:00 +0530 Sat, 24 Sep 2022 19:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428150 The Tribunal upheld the denial of deduction under Sections 54B/54F of the Income Tax Act for an individual Assessee who claimed exemption on Long Term Capital Gain from the sale of agricultural land. The Assessee's claims were rejected as the new asset purchased was commercial property, not agricultural or residential land. The Tribunal refused to admit additional grounds and evidence supporting the Assessee's claim, citing the lack of relevant facts before the Revenue authorities. Consequently, the appeal was dismissed on 22.09.2022. Case-Laws Income Tax Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428150