The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) recently disallowed the exemption under Section 54B property purchased in the name of the wife of assessee. The Assessee Shri Surta Ram, had sold urban agricultural land for a sum of Rs.49,60,000/-, earning a Long Term Capital Gain of Rs.46,93,099/-. The Long Term Capital Gain…
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