1983 (11) TMI 11

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....y 1974, when a partition took place between him and the other members of his family. In that partition, certain agricultural lands were allotted to the assessee. Subsequently, the lands were acquired by the Government in February 1975. With the compensation received, the assessee purchased two other pieces of agricultural lands on February 9, 1977, and claimed that a sum of Rs. 78,929 incurred for....

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....way of acquisition on the ground that the assessee had satisfied both the conditions, namely : (1) that he has utilised the sale proceeds of the lands for purchasing fresh lands within a period of two years from the date of the acquisition; and (2) that he has held the lands for agricultural purposes two years prior to the acquisition. The AAC had, in fact, found on the material that before the ac....

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....ossession by the HUF of the properties for agricultural purposes one year prior to the partition should be taken to be the possession by the assessee as a coparcener of the lands for agricultural purposes and, therefore, the conditions laid down in s. 54B of the I.T. Act, 1961, should be taken to have been fulfilled in this case. In that view, the Tribunal also rejected the appeal filed by the Rev....