In this paper, we have derived the field equations in an extended theory of gravity in an anisotropic space time background and in the presence of magnetic field. The physical and geometrical parameters of the models are determined with respect to the Hubble parameter using some algebraic approaches. A time varying scale factor has been introduced to analyze the behavior of the model. From some diagnostic approach, we found that the model behaves as ΛCDM model at late time of cosmic evolution.PACS number: 04.50kd.