https://www.taxtmi.com/caselaws?id=456430 ITAT Raipur allowed assessee's deduction u/s 54B for LTCG on agricultural land sale. Despite revenue's objection that new land was purchased after receiving sale advances, tribunal held that timing of actual investment payments relative to advance receipts was irrelevant, following CBDT Circular 359 and judicial precedents. Tribunal found non-notarized documents were irregular but not false, and banking channel evidence supported genuineness. Regarding addition u/s 68 for secured loans, tribunal dismissed revenue's challenge but remanded matter to AO for verification of loan repayment details as new facts required examination. en-us Wed, 18 Oct 2023 00:00:00 +0530 Wed, 24 Jul 2024 21:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456430 ITAT Raipur allowed assessee's deduction u/s 54B for LTCG on agricultural land sale. Despite revenue's objection that new land was purchased after receiving sale advances, tribunal held that timing of actual investment payments relative to advance receipts was irrelevant, following CBDT Circular 359 and judicial precedents. Tribunal found non-notarized documents were irregular but not false, and banking channel evidence supported genuineness. Regarding addition u/s 68 for secured loans, tribunal dismissed revenue's challenge but remanded matter to AO for verification of loan repayment details as new facts required examination. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456430