Parveen Kumar v. Income Tax Officer, Ward-1, Fatehabad

IN THE HIGH COURT OF PUNJAB & HARYANA ATCHANDIGARH ITA No.216 of 2017 Date of decision : 11.7.2018 Parveen Kumar ..... Appellant Versus Income Tax Officer, Ward-1, Fatehabad .... ReSpOndent CORAM: HON’BLE MR. JUSTICE AJAY KUMAR MITTAL.HON BLE MR. JUSTICE AVNEESH JHINGAN Present: Mr.Saurabn Kapoor, Advocate for the appellant. | Mr.Yogesh Putney, Senior Standing Counsel forthe respondent. AJAY KUMAR MITTAL, J. 1.The assessee nas approacned this Court under| Section 260A of the Income Tax Act, 1961 claiming followingsubstantial questions of law: “A. Whether.In.VIEWOT thefacts and| circumstances of the case, the Tribunal is.rignt in upnolding the view of AO/CIT thatAssessee is not entitled to exemption u/s. 54B?. BIWhetherIn.VIEWOT thefacts anccircumstances of the case, the Tribunal waslegally correct in upholding the disallowanceof the claim for exemption under section 54B.of the Income Tax Act, 1961 on the groundthat amount of sale consideration had not ITA No.216 of 2017. =2= been utilized towards the purchase of newAsset i.e. agricultural land, when there no.such requirement prescribed in the Said.sSectIONn CL. Whether on the facts and circumstances ofthe case and in law, the order by the Tribunalis bad in law and perverse?” 2.Learned counsel! for the appellant submitted thatne Nas instructions to withdraw the appeal to which learnedcounsel for the respondent Nas no objection.3.Dismissed as withdrawn. (AJAY KUMAR MITTAL) JUDGE| July 11, 2018 © (AVNEESH JHINGAN)-JUDGE. KI)| Whether speaking / reasoned: Yes/ No -Whether Reportable:Yes / No