2023 (11) TMI 444

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....ls) is erred in law and otherwise on facts and circumstances of the case while holding and denying to allow benefit of section 54B being the entire consideration received in sale of agricultural land (original assets) and invested the same in purchase of another agriculture land, certainly in the name of assessee's spouse whereas section 54B does not debar the 'Assessee/Appellant' to not to purchase the property in name of any of his/her family member. The ld. CIT (Appeals) did not appreciate the facts the spouse of assessee is an illiterate lady had no income and it is established facts the land was purchased only out of fund received on sale of original assets. 2. That the Ld. CIT (Appeals) is erred in law and on facts while....

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....SLP against the order of Punjab and Haryana High Court, wherein purchase of agriculture land in the name of assessee's wife was not to be allowed under section 54B relief to assessee. 7. We have heard both the parties and perused the material on record. We note that ITAT in the case of Ashok Kumar vs. ITO (supra) has held as under: "6. Before me, learned counsel appearing for the assessee submitted that investment in purchase of agricultural land in the name of wife would also be eligible for deduction under Section 54B of the Act. In support of such contention, learned counsel for the assessee relied upon the following decisions: 1. Laxmi Narayan vs. CIT, (2018) 402 ITR 0117, High Court of Rajasthan; 2. CIT vs. Kamal Wahal, (2013) 3....