https://www.taxtmi.com/caselaws?id=459176 ITAT Jodhpur allowed assessee's claim for exemption under section 54B for purchase of two agricultural lands from different sellers. The tribunal held that completion of sale deed is not mandatory for claiming exemption, and payment transactions were adequately proved through seller confirmations and source verification. Regarding indexed cost of acquisition for ancestral land sold (purchased pre-1981), the tribunal upheld CIT(A)'s decision allowing fair market value of Rs. 2,74,000 as on 01.04.1981 instead of AO's arbitrary valuation of Rs. 1,54,000, as revenue failed to provide supporting evidence for their lower valuation. en-us Thu, 03 Aug 2023 00:00:00 +0530 Tue, 03 Dec 2024 19:05:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459176 ITAT Jodhpur allowed assessee's claim for exemption under section 54B for purchase of two agricultural lands from different sellers. The tribunal held that completion of sale deed is not mandatory for claiming exemption, and payment transactions were adequately proved through seller confirmations and source verification. Regarding indexed cost of acquisition for ancestral land sold (purchased pre-1981), the tribunal upheld CIT(A)'s decision allowing fair market value of Rs. 2,74,000 as on 01.04.1981 instead of AO's arbitrary valuation of Rs. 1,54,000, as revenue failed to provide supporting evidence for their lower valuation. Case-Laws Income Tax Thu, 03 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459176