https://www.taxtmi.com/caselaws?id=456418 ITAT Chandigarh allowed the assessee's appeal for LTCG exemption u/s 54B. The assessee received substantial advance money against land sale consideration of Rs. 5.64 crores and invested Rs. 51,80,000 in purchasing another land before the transfer date. The tribunal held that possession was transferred when advance was received in April 2008, and investment made from advance money qualifies for s. 54B exemption. The AO was directed to grant the claimed deduction, supported by Board Circular No. 359. en-us Thu, 16 Mar 2017 00:00:00 +0530 Fri, 16 Aug 2024 16:21:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456418 ITAT Chandigarh allowed the assessee's appeal for LTCG exemption u/s 54B. The assessee received substantial advance money against land sale consideration of Rs. 5.64 crores and invested Rs. 51,80,000 in purchasing another land before the transfer date. The tribunal held that possession was transferred when advance was received in April 2008, and investment made from advance money qualifies for s. 54B exemption. The AO was directed to grant the claimed deduction, supported by Board Circular No. 359. Case-Laws Income Tax Thu, 16 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456418