2022 (3) TMI 775

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....ted against the order dated 30-06-2017 passed by the CIT(A), Pune-5, Pune in relation to the assessment year 2011-12. 2. The only issue pressed by the ld. AR is about not granting exemption u/s 54B of the Income-tax Act, 1961 (hereinafter referred to as "the Act‟). 3. Succinctly, the factual panorama of the case is that the assessee transferred certain agricultural lands and claimed ex....

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....u/s 54B could not be allowed because the property was not purchased in the name of assessee. The ld. CIT(A) affirmed the action of the AO. Aggrieved thereby, the assessee has preferred the appeal before the Tribunal. 4. I have heard both the sides and gone through the relevant material on record. At the outset, it is necessary to mention that the ld. AR did not press any other ground, except th....

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....rposes, the assessee cannot claim the benefit of exemption u/s 54B. 5. It is seen that the Hon'ble Delhi High Court in CIT vs. Shri Kamal Wahal (2013) 351 ITR 4 (Del) and the Hon'ble Punjab & Haryana High Court in CIT vs. Gurnam Singh (2010) 327 ITR 278 (P&H) have decided similar issue in favour of the assessee by allowing exemption u/s 54B observing that the assessee having invested sale proce....

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....emption u/s 54B to that extent. 7. Ergo, it is overt that the decisions have been rendered at variance by the two sets of the Hon'ble High Courts - one in favour of the assessee and other in favour of the Revenue. It goes without saying that the decision of a High Court is binding on the all subordinate Courts and authorities or Tribunal under its superintendence throughout the territories in r....