https://www.taxtmi.com/caselaws?id=31548 The court allowed the application for condonation of delay, enabling the appeal to proceed. However, the appeal challenging the Income-tax Appellate Tribunal's order disallowing exemption under section 54B was dismissed. The court emphasized that for claiming exemption under section 54B, the land purchased for agricultural purposes must be in the name of the assessee, not in the names of third parties like the son and grandson. The court distinguished this case from a previous judgment and ruled against the assessee, stating that purchasing agricultural land in the names of family members does not qualify for exemption under section 54B. en-us Mon, 13 Aug 2007 00:00:00 +0530 Sat, 22 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31548 The court allowed the application for condonation of delay, enabling the appeal to proceed. However, the appeal challenging the Income-tax Appellate Tribunal's order disallowing exemption under section 54B was dismissed. The court emphasized that for claiming exemption under section 54B, the land purchased for agricultural purposes must be in the name of the assessee, not in the names of third parties like the son and grandson. The court distinguished this case from a previous judgment and ruled against the assessee, stating that purchasing agricultural land in the names of family members does not qualify for exemption under section 54B. Case-Laws Income Tax Mon, 13 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31548