The Tax Publishers2020 TaxPub(DT) 0276 (Del-Trib)

INCOME TAX ACT, 1961

Section 54B

Investment in agricultural land made by spouse of assessee, could not be allowed as deduction to the assessee under section 54B.

Capital gains - Deduction under section 54B - Allowability - Investment in agricultural land made by spouse of assessee

Issue under consideration was whether investment in agricultural land made by spouse of assessee, could be allowed as deduction to the assessee under section 54B. Held: Section 54B requires the assessee to purchase any other land for being used for agricultural purposes within a period of two years from the date of the sale from transfer of the capital being land. In view of the clear provisions, investment made by any other person particularly the spouse of the assessee, could not be entitled for deduction under section 54B. Hence, the investment in agricultural land made by spouse of assessee, could not be allowed as deduction to the assessee under section 54B.

REFERRED : Rohtas Singh v. ITO [ITA No: - 6390/Del/2016, ITA No: - 6392/Del/2016, dt. 8-8-2019]

FAVOUR : Against the assessee

A.Y. : 2007-08



IN THE ITAT, DELHI BENCH

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