Assessee Ineligible for Deduction under Section 54B in lieu of land purchases in Wife’s name: ITAT [Read Order]
The bench after relying on the judgments of the High Courts concluded that the assessee cannot claim any deduction under section 54B for the agricultural land purchased in the name of the wife.
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) held that the assessee was ineligible for deduction under Section 54B of the Income Tax Act, 1961 in lieu of land purchases in the wife’s name. The assessing officer ( AO ) had completed the assessment under Section 144 of the Income Tax…
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