Capital Gain Exemption allowable only to the Extend of Cultivated Land: ITAT [Read Order]

Capital Gain Exemption - Capital Gain - Cultivated Land - ITAT - Income Tax - taxscan

In this case of appeal, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), presided over by Judicial Member S.S. Viswanethra Ravi and the Accountant Member Dr. Dipak P. Ripote decided that the assessee to be eligible for deduction under Section 54B of Income Tax Act, 1961 only for that part of the land…

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