DCIT, Circle 52(1), New Delhi vs. Bhupinder Singh Bhalla

Parties Involved

Facts Summary

The assessee, Bhupinder Singh Bhalla, sold agricultural land in Village Asola, New Delhi, for Rs 100 crores on 07/12/2015. The proceeds resulted in capital gains of Rs 19,59,57,813/- after claiming deductions under Section 54B and 54EC. The Assessing Officer disallowed the deduction of Rs 41,71,72,652/- claimed under Section 54B. The assessee appealed to the Learned Commissioner of Income-Tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi, who allowed the appeal. The Revenue then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the land sold by the assessee was used for agricultural purposes as required under Section 54B of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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