Arun Agarwal vs. ITO, Ward 1(2), Bikaner

Parties Involved

Facts Summary

The assessee, Arun Agarwal, filed an appeal against the order passed by the National Faceless Appeal Centre (NFAC), Delhi, which dismissed his appeal against the assessment order passed under Section 143(3) of the Income Tax Act, 1961. Agarwal claimed exemption under Section 54B of the Act for capital gain from the sale of agricultural land. The Assessing Officer disallowed the exemption, which was upheld by the Commissioner of Income Tax (Appeals). Agarwal argued that the land was used for agricultural purposes and that he had reinvested part of the capital gain in another agricultural land and deposited the rest in a Capital Gain Account Scheme. The Tribunal found that Agarwal had used the land for agricultural purposes in the two years preceding the sale and allowed the exemption.…

Legal Issues

• 1. Whether the assessee is entitled to deduction under Section 54B of the Act.

Judgment Outcome

Decided in favour of Assessee.

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