ITO-1(2), Indore Vs. Rajendra Singh Yadav

Parties Involved

Facts Summary

The assessee, Rajendra Singh Yadav, filed a return for the Assessment Year 2015-16 declaring a total income of Rs. 4,64,460/-. He claimed a capital gain from the sale of an agricultural land and sought exemption under section 54B of the Income-tax Act, 1961. The Income Tax Officer (ITO) disallowed the exemption, leading to an appeal by the assessee. The Commissioner of Income-tax (Appeal) (CIT(A)) accepted the assessee's claim, and the revenue appealed against this decision. The Tribunal considered the submissions and upheld the CIT(A)'s order, dismissing the revenue's appeal.…

Legal Issues

• 1. Whether the assessee is entitled to exemption under section 54B of the Income-tax Act, 1961?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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