COMMISSIONER OF INCOME TAX Vs. SAVITA RANI

JUDGEMENT

(1.) THE Revenue has filed this appeal against the order of the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short 'the Tribunal') dt. 7th Sept., 2001 accepting the claim of the assessee under S. 54B of the IT Act, 1961 (for short 'the Act').

(2.) THE assessee, an individual, sold 15 kanals 18 marlas of land out of her share in 23 kanals 17 marlas land during the financial year 1990-91, relevant to the asst. yr. 1991-92. The sale was effected vide three registered sale deeds dt. 16th June, 1990, 23rd June, 1992 and 26th June, 1990, for Rs. 1,80,000, Rs. 2,35,000 and Rs. 2,64,000, respectively. While filing her return of income, she claimed exemption from levy of capital gains under S. 54B of the Act on the ground that the land sold by her was agricultural land and the sale proceeds were invested in the purchase of agricultural land within two years as under :

(3.) ON further appeal, the Tribunal accepted the claim of the assessee by holding that the transaction in question duly fulfilled the conditions specified for relief under S. 54B of the Act.