2024 (10) TMI 1805

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....er B.M. Biyani, A.M.: Feeling aggrieved by appeal-order dated 24.01.2024 passed by learned Commissioner of Income-tax (Appeal), NFAC, Delhi ["CIT(A)"] which in turn arises out of assessment-order dated 11.12.2017 passed by ITO, 3(5), Indore ["AO"] u/s 143(3) of Income-tax Act, 1961 ["the Act"] for Assessment-Year ["AY"] 2015-16, the revenue has filed this appeal on following effective ground: ....

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....h, Indore on 10.12.2014 for a consideration of Rs. 9,31,38,041/-. The assessee declared 1/3rd share in land at Rs. 3,10,46,013/- against which claimed indexed cost of acquisition of Rs. 81,538/-, leaving net capital gain of Rs. 3,09,64,475/-. From such capital gain, the assessee claimed exemption u/s 54B of Rs. 3,09,64,475/- on the strength of investment in another agricultural land situated at Gr....

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....ment-order, the AO has noted that the assessee sold agricultural land on 10.12.2014 during the financial year 2014-15 relevant to AY 2015-16 and made investment in new agricultural land on 26.08.2016. Thus, the new investment has been made within the prescribed period of 2 years in section 54B which is not disputed by AO. However, the sole reason of denial of exemption u/s 54B as assigned by AO in....

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.... ultimately made in new land within the stipulated period of section 54B. 6. During hearing before us, Ld. DR for revenue/appellant supported the order of AO. Per contra, Ld. AR for assessee/respondent relied upon order of CIT(A). 7. We have considered rival submissions of both sides and perused the orders of lower-authorities and facts of case in the light of judicial view. The undisputed f....