2022 (6) TMI 728

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....e wherein the correctness of the order dated 27.06.2019 of CIT(A) Karnal pertaining to 2011-12 assessment year is assailed on the following grounds: 1. That the Ld. Commissioner of Income Appeals has wrongly upheld the addition of capital gain of Rs. 14,98,000/- on sale of ancestral land in the hands of appellant without appreciating the fact that land sold belonged to Hindu undivided fam....

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....ade in his Saving Bank Account maintained with State Bank of India, Kurukshetra. The assessee as per record is said to have stated that the only source of income was agriculture income and that the amount was deposited from the sale proceeds of agricultural land and agriculture produce out of agricultural activity. The specific piece of land was stated to have been sold alongwith his brother and t....

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....ng Term Capital Gain furnished by the assessee, it is noticed that the assessee has claimed u/s. 54B of the Income Tax Act, 1961 amounting to Rs. 14,98,000/- (2179000-681000) on account of purchase of land by his wife, Smt. Kanta Devi. As the land is purchased by the wife of the assessee, Smt. Kanta Devi, hence deduction claimed by the assessee under section 54B of the Income Tax Act, 1961 is not ....

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.... 5. The Ld. AR reiterates his submissions on facts. He filed a copy of the 'Jamabandi' and copy of the Purchase Deed vide pages 1 to 8 and 9 to 11 for the respective period. It was also his submission that these documents were available before the CIT(A) and the AO, however, they failed to consider or discuss them. It was also his submission that there is no finding on record about the ....