https://www.taxtmi.com/caselaws?id=428718 The Tribunal upheld the lower authorities' decision that the assessee is not eligible for deduction under Section 54B of the Income Tax Act, 1961. The purchase of new agricultural land in the name of the grandson, instead of the assessee, did not qualify for the deduction. The Tribunal emphasized a strict interpretation of the term "assessee" based on jurisdictional High Court decisions, requiring the new asset to be bought in the name of the assessee to avail of the deduction. The appeal was dismissed, affirming the ruling against the assessee. en-us Wed, 14 Sep 2022 00:00:00 +0530 Sat, 08 Oct 2022 13:09:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428718 The Tribunal upheld the lower authorities' decision that the assessee is not eligible for deduction under Section 54B of the Income Tax Act, 1961. The purchase of new agricultural land in the name of the grandson, instead of the assessee, did not qualify for the deduction. The Tribunal emphasized a strict interpretation of the term "assessee" based on jurisdictional High Court decisions, requiring the new asset to be bought in the name of the assessee to avail of the deduction. The appeal was dismissed, affirming the ruling against the assessee. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428718