J.B.PARDIWALA,J. - (1.) This tax appeal under s. 260A of the IT Act, 1961 (for short, 'the Act'), is at the instance of the assessee and is directed against the order passed by the Tribunal, Ahmedabad 'A' Bench, Ahmedabad, dt. 18th June, 2018 in the ITA No. 587/Ahd/2017 for the asst. yr. 2013-14.
(2.) This tax appeal came to be admitted on the following two substantial questions of law: "1. Whether, in the facts and circumstances of the case, the Tribunal was right in law in confirming the order of the CIT(A) denying deduction of Rs. 40,74,793 under s. 54F of the Act by holding that the land in question was not transferred in a period stipulated under the IT Act? 2. Whether, in the facts and circumstances of the case, the Tribunal was right in law in confirming the order of the CIT(A) denying deduction of Rs. 26,74,283 under s. 54B of the Act by holding that the land in question was non-agricultural land and exemption under the section was only available to agricultural land?"
(3.) We proceed to consider the first question as regards the deduction of Rs. 40,74,793 under s. 54F of the Act.;