Deduction u/s  54B of IT Act shall not be disallowed, if Agriculture Land convert to Non-Agriculture just before Transfer of Land to Seller: ITAT [Read Order]

Deduction - IT Act - Income Tax - Agriculture Land convert to Non-Agriculture - Transfer of Land to Seller - ITAT - taxscan

The Surat bench of Income Tax Appellate Tribunal (ITAT) has recently held that deduction under Section 54B of Income Tax Act 1961 should not be disallowed if agricultural land is converted to Non- agriculture just before transfer of land to seller. The Assessee Bharatkumar Laljibhai Tejani engaged in diamond brokerage and agricultural activities. After filing the…

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