https://www.taxtmi.com/caselaws?id=445553 The ITAT allowed the appeal, ruling in favor of the assessee regarding the interpretation of Section 54B of the Income Tax Act. The Tribunal held that deductions under this section can be claimed even if agricultural land is purchased in the name of the assessee's spouse. The decision was based on precedent cases and the lack of a jurisdictional High Court decision, directing the Assessing Officer to allow the deduction. The ITAT emphasized that the dismissal of an SLP by the SC does not affect the High Court's decision, supporting the assessee's position. en-us Wed, 08 Nov 2023 00:00:00 +0530 Fri, 10 Nov 2023 08:45:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445553 The ITAT allowed the appeal, ruling in favor of the assessee regarding the interpretation of Section 54B of the Income Tax Act. The Tribunal held that deductions under this section can be claimed even if agricultural land is purchased in the name of the assessee's spouse. The decision was based on precedent cases and the lack of a jurisdictional High Court decision, directing the Assessing Officer to allow the deduction. The ITAT emphasized that the dismissal of an SLP by the SC does not affect the High Court's decision, supporting the assessee's position. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445553