Where capital asset transfer involved land, the deeming fiction...

Where capital asset transfer involved land, the deeming fiction premised on stamp valuation operates when consideration is less than the value adopted or assessable for stamp purposes; a final stamp valuation determined by the Collector on court reference is 'assessable' and therefore substitutes as full value of consideration for computing capital gains under section 50C, here fixed at Rs.1,60,31,000. Separately, the Tribunal held that that deemed sale value under stamp valuation cannot be treated as net consideration for claiming exemption under the reinvestment provision for residential house acquisition; applying the impossibility principle, full exemption under the residential-reinvestment provision was allowed since actual net consideration was invested.

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