https://www.taxtmi.com/caselaws?id=464723 ITAT, Pune (AT) allowed the assessee's deduction under s.54B, overturning the AO and CIT(A) disallowance. The Tribunal found the AO's remand report had cleared objections regarding the land sold and that subsequent agricultural use was acknowledged; it held the statute does not require the replacement land to be agricultural at the time of reinvestment. Revenue's contrary interpretation was rejected as unsustainable, the lower authorities erred in law and on facts, and the disallowance of the s.54B claim was deleted. en-us Fri, 15 Jul 2022 00:00:00 +0530 Tue, 11 Nov 2025 19:01:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464723 ITAT, Pune (AT) allowed the assessee's deduction under s.54B, overturning the AO and CIT(A) disallowance. The Tribunal found the AO's remand report had cleared objections regarding the land sold and that subsequent agricultural use was acknowledged; it held the statute does not require the replacement land to be agricultural at the time of reinvestment. Revenue's contrary interpretation was rejected as unsustainable, the lower authorities erred in law and on facts, and the disallowance of the s.54B claim was deleted. Case-Laws Income Tax Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464723