ITAT says on Section 54B Agricultural Land Purchased Before Sale Can Qualify

Shailendra Kumar Sogani claimed Section 54B deduction for agricultural land purchased before the registered sale deed for his ancestral land. The ITAT held that the authorities had overlooked the earlier agreement to sell, staged payments and proportionate transfer of possession, which established that the reinvestment followed the substantive transfer. It allowed the appeal and deleted both the ₹15.22 lakh Section 54B disallowance and the ₹3.74 lakh commission addition.