SHRI BANT SINGH Vs. THE ITO, WARD-3(2)
INCOME TAX APPELLATE TRIBUNAL
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T.R.Sood, Member (A) -
(1.) THESE appeals are filed by the assessee and are directed against the order dated 31.01.2014 of Ld. CIT (Appeals) -II, Ludhiana. The issues are same in these appeals and these were heard together and are being disposed off by this consolidated order for the sake of convenience.
(2.) IN these appeals identical grounds have been raised by the assessee which are as under:
1. That the Ld. Commissioner of Income Tax (Appeals), Ludhiana has erred in upholding the action of the Assessing Officer in assessing the long term capital gain at Rs. 24,47,500/.
2. That the ld. CIT(A) has erred in upholding in not giving the benefit of exemption u/s. 54B for the purchase of Agril. land in the name of his son as per binding judgment of the Hon'ble Punjab & Haryana High Court.
That the Worthy CIT(A) has failed to consider that the land sold was in joint names of father & Son and the land purchased was in the name of Son, though, the agreement was in joint names and, as such, there was due compliance of the provisions of section 54B.
(3.) THAT the CIT(A) has erred in applying the judgment of Hon'ble Punjab & Haryana High Court as reported in : 306 ITR 335 and not following the later judgment as reported in : 327 ITR 278.;
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