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August 2024

Where assessee sold a land and made investment in new land from sale proceeds of old land in name of his son, assessee is entitled to exemption u/s 54B even if investment was made before registration of sale deed.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 3 mins

30 Siddhulal Patidar vs. ITO

[2024] 111 ITR(T) 541 (Indore - Trib.)

ITA No. 110 (IND.) of 2023

A.Y.: 2011–12

Date of order: 28th February, 2024

Section 54B

Where assessee sold a land and made investment in new land from sale proceeds of old land in name of his son, assessee is entitled to exemption u/s 54B even if investment was made before registration of sale deed.

FACTS

The assessee sold a land vide agreement dated 29th September, 2006 for ₹35,00,000, which was registered on 6th September, 2010. The assessee made a new investment of ₹53,29,440 on 20th June, 2007 in purchase of an agricultural land in the name of his son, Shri Rameshwar Patidar. On

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