The Income Tax Appellate Tribunal (ITAT) Chennai bench remanded the matter before the Assessing officer for re adjudication due to nonconsideration of evidence on deduction claimed under Section 54B of the Income Tax Act, 1961 and capital gains exemption on sale of agricultural land. Assessee, Nagappan Suganthi sold certain agricultural land for Rs.137.60 Lacs. However,…
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