https://www.taxtmi.com/caselaws?id=762037 ITAT Pune allowed the assessee's appeal for statistical purposes regarding denial of deduction u/s 54B for agricultural land sale. The AO denied deduction claiming the land was barren without agricultural activity and new land was purchased before sale. However, ITAT noted that co-owner's assessment accepted the same land as ancestral agricultural land, and assessee provided evidence of dairy operations, crop revenue, and agricultural activities that were ignored by lower authorities. The matter was remanded to AO for fresh adjudication considering all evidence and the co-owner's accepted treatment. en-us Tue, 19 Nov 2024 00:00:00 +0530 Thu, 21 Nov 2024 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762037 ITAT Pune allowed the assessee's appeal for statistical purposes regarding denial of deduction u/s 54B for agricultural land sale. The AO denied deduction claiming the land was barren without agricultural activity and new land was purchased before sale. However, ITAT noted that co-owner's assessment accepted the same land as ancestral agricultural land, and assessee provided evidence of dairy operations, crop revenue, and agricultural activities that were ignored by lower authorities. The matter was remanded to AO for fresh adjudication considering all evidence and the co-owner's accepted treatment. Case-Laws Income Tax Tue, 19 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762037