https://www.taxtmi.com/caselaws?id=456884 ITAT Surat allowed assessee's appeal for deduction u/s 54B regarding LTCG on agricultural land transfer. Initially, AO rejected the claim as purchase deed wasn't shown and land ownership wasn't established. Assessee explained registration was pending due to court permission required for minor co-owners. ITAT held that since minors became major and executed notarized declarations accepting transactions, the purchase agreement was valid and enforceable. Relying on precedents including Balraj and T.N. Aravinda Reddy, ITAT ruled that actual registration isn't necessary for s.54B benefit - payment and enforceable agreement suffice. AO directed to allow deduction. en-us Mon, 26 Jun 2023 00:00:00 +0530 Thu, 22 Aug 2024 19:52:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456884 ITAT Surat allowed assessee's appeal for deduction u/s 54B regarding LTCG on agricultural land transfer. Initially, AO rejected the claim as purchase deed wasn't shown and land ownership wasn't established. Assessee explained registration was pending due to court permission required for minor co-owners. ITAT held that since minors became major and executed notarized declarations accepting transactions, the purchase agreement was valid and enforceable. Relying on precedents including Balraj and T.N. Aravinda Reddy, ITAT ruled that actual registration isn't necessary for s.54B benefit - payment and enforceable agreement suffice. AO directed to allow deduction. Case-Laws Income Tax Mon, 26 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456884