https://www.taxtmi.com/caselaws?id=456438 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision allowing the assessee a deduction of Rs. 16,21,205 under section 54B. The CIT(A) determined the assessee was eligible for this deduction as the investment in agricultural land was made within the timeframe allowed under section 139(4). The Revenue's argument for a stricter interpretation under section 139(1) was rejected, with the ITAT affirming the CIT(A)'s reliance on legal precedents and statutory interpretation. Consequently, the CIT(A)'s decision was confirmed, granting relief to the assessee and rejecting the Revenue's claims. en-us Fri, 20 Jul 2012 00:00:00 +0530 Thu, 25 Jul 2024 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456438 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision allowing the assessee a deduction of Rs. 16,21,205 under section 54B. The CIT(A) determined the assessee was eligible for this deduction as the investment in agricultural land was made within the timeframe allowed under section 139(4). The Revenue's argument for a stricter interpretation under section 139(1) was rejected, with the ITAT affirming the CIT(A)'s reliance on legal precedents and statutory interpretation. Consequently, the CIT(A)'s decision was confirmed, granting relief to the assessee and rejecting the Revenue's claims. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456438