2018 (9) TMI 2096

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....t : Sh. Manoj Kumar , Sr. DR. ORDER Per Sanjay Garg, Judicial Member : The present appeal has been preferred by the assessee against the order dated 22.12.2017 of the Commissioner of Income Tax(A)-2, Chandigarh [hereinafter referred to as 'CIT(A)']. 2. The assessee in this appeal has agitated the denial of deduction by the lower authorities claimed by the assessee u/s 54B of the Income....

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....efore, proceedings u/s 147 of the Income Tax Act in the above noted case were initiated by the assessing officer for the assessment year 2013-14 after recording the reasons that the assessee had sold agricultural land in Village Chajjumajra alongwith other co-owners vide registration sale deed dated 17.4.2012 and received his share of sale consideration which was chargeable to capital gain as the ....

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....Rs. l 7,63,650/-. The exemption claimed by the assessee u/s 54B in respect of agricultural land purchased in the name of assessee's sons was not allowed by the Assessing officer. 4. The Ld. CIT(A) confirmed the order of the Assessing officer denying deduction to the assessee u/s 54B of the Act. The assessee, thus, has come in appeal before us. 5. Before us, the Ld. Counsel for the assessee h....

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....her hand, has relied on the findings of the lower authorities. 7. After considering the rival submissions of both the parties and in view of the submissions of the Ld. Counsel for the assessee that the assessee being an old aged person and was not keeping well thought it prudent to buy the agricultural land in the name of his sons to avoid future family disputes relating to the inheritance of t....