TaxTMI 
TaxTMI 
2016 (3) TMI 1365
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.... lacs where investment is made in the name of Smt. Kashmir Kaur (Wife) and Smt. Balwinder Kaur W/o Sh. Dalbir Singh & not in the name of the assessee Sh. Jit Singh. (ii) The appellant craves leave to add or amend the grounds of appeal on or before the appeal is heard and disposed of. (iii) It is prayed that the order of Ld. CIT(A) be set aside." 3. The learned DR, at the outset, filed adjournment letter and requested for adjournment of the case. However, on going through the file we observed that matter can be disposed off with the assistance of learned AR, therefore, learned AR was directed to explain the facts of the case and adjournment letter filed by Revenue was rejected. 4. The learned AR submitted that it was a case o....
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.... in the name of wife of an assessee is an allowable exemption. The learned AR further relied upon the order of Hon'ble Punjab & Haryana High Court in the case of CIT vs. Gurnam Singh 327 ITR 0278, for the proposition that investment of capital gains was eligible for exemption u/s 54B if the investment was made in the joint names of the assessee and his son. In view of the ratio of these judicial precedents, the learned AR argued that learned CIT(A) has rightly allowed the exemption. 5. The learned DR, on the other hand, heavily placed her reliance on the orders of Assessing Officer. 6. We have heard the rival parties and have gone through the material placed on record. We find that assessment in this case was completed u/s 144 of the Ac....
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....Rs. 78,36,115/- for the eviction of land and has further verified that the assessee had made investment in the purchase of agricultural land to the tune of Rs. 1,00,35,000/-. We find that out of the investment of Rs. 1,00,35,000/-, the investment of Rs. 59,50,000/- is in the name of wife of assessee and his Bhabhi as is apparent from copy of sale deed placed at paper book page 2 to 13. As per working sheet of capital gain and its exemption u/s 54B as placed in paper book page 1, we find that after taking into account the eviction charges paid by assessee and after taking into account the indexed cost of land the capital gain works out to be Rs. 84,72,570/- out of which investment was made in the name of assessee to the tune of Rs. 40,....