Barendra Nath Dey Vs. ACIT (OSD), Ward 53-1

Parties Involved

Facts Summary

The assessee, Barendra Nath Dey, filed a return of income on 07.09.2015, declaring a total income of ₹11,88,110/-. His case was selected for limited scrutiny due to cash deposits, property purchase, and deduction claims under capital gains. The Assessing Officer (AO) found that the assessee claimed a deduction of ₹1,44,11,882/- under section 54B of the Act. The assessee provided supporting evidence, including purchase/sale deeds and proof of agricultural activities on the land. However, the AO rejected the claim due to the undated agreement and lack of details regarding agricultural activities. The Commissioner of Income Tax (Appeals) [CIT(A)] upheld the AO's order, noting that the assessee failed to substantiate the agricultural activities. The assessee appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

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

Judgment Outcome

Decided in favour of Assessee.

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