https://www.taxtmi.com/caselaws?id=753455 ITAT Indore allowed the assessee's appeal regarding LTCG deduction under Section 54B. The assessee purchased agricultural lands in names of wife and minor children using sale proceeds from original agricultural land, with entire payment made from assessee's own bank account. The tribunal held that deduction under Section 54B cannot be denied merely because some lands were purchased in family members' names, when the assessee made complete investment from own funds using sale consideration of transferred agricultural land. The appeal was allowed following precedents from Rajasthan HC and Delhi HC. en-us Thu, 11 Jan 2024 00:00:00 +0530 Mon, 03 Jun 2024 06:03:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753455 ITAT Indore allowed the assessee's appeal regarding LTCG deduction under Section 54B. The assessee purchased agricultural lands in names of wife and minor children using sale proceeds from original agricultural land, with entire payment made from assessee's own bank account. The tribunal held that deduction under Section 54B cannot be denied merely because some lands were purchased in family members' names, when the assessee made complete investment from own funds using sale consideration of transferred agricultural land. The appeal was allowed following precedents from Rajasthan HC and Delhi HC. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753455