https://www.taxtmi.com/caselaws?id=468652 Section 54B exemption for reinvestment in agricultural land was treated as a beneficial provision, and the substantive condition was satisfied where the assessee purchased new agricultural land within the prescribed period. Non-deposit of the capital gain in the Capital Gain Deposit Scheme by the due date under section 139(1) was held to be only a procedural lapse and not a sufficient ground to deny relief when the qualifying investment was otherwise made on time. The revenue challenge therefore failed, and the exemption was sustained. en-us Mon, 07 Oct 2024 00:00:00 +0530 Fri, 15 May 2026 20:34:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468652 Section 54B exemption for reinvestment in agricultural land was treated as a beneficial provision, and the substantive condition was satisfied where the assessee purchased new agricultural land within the prescribed period. Non-deposit of the capital gain in the Capital Gain Deposit Scheme by the due date under section 139(1) was held to be only a procedural lapse and not a sufficient ground to deny relief when the qualifying investment was otherwise made on time. The revenue challenge therefore failed, and the exemption was sustained. Case-Laws Income Tax Mon, 07 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468652