Purchase made out of Advance of Agricultural Property Sale Deductible u/s 54B: ITAT [Read Order]

Purchase - Agricultural Property Sale - Agricultural Property - Agricultural Property Sale Deductible - ITAT - Income Tax - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that purchase made out of advance made out of sale of agricultural property would be deductible under Section 54B of the Income Tax Act 1961. During the course of assessment, the AO observed that the assessee, Dharmendra J Patel had sold two agricultural lands,…

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