https://www.taxtmi.com/caselaws?id=333864 The ITAT Mumbai ruled in favor of the assessees in a case involving the applicability of sec. 50C in computing long term capital gains and entitlement to deduction u/s 54 of the Act for the cost of new flats acquired. The ITAT held that sec. 50C was inapplicable as the declared sale consideration exceeded stamp duty valuation. Additionally, the ITAT allowed the deduction u/s 54 for the cost of new flats received as part of the sale consideration, emphasizing the utilization of capital gains in constructing a new residential house. Both appeals were allowed in favor of the assessees. en-us Fri, 02 Sep 2016 00:00:00 +0530 Tue, 25 Oct 2016 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333864 The ITAT Mumbai ruled in favor of the assessees in a case involving the applicability of sec. 50C in computing long term capital gains and entitlement to deduction u/s 54 of the Act for the cost of new flats acquired. The ITAT held that sec. 50C was inapplicable as the declared sale consideration exceeded stamp duty valuation. Additionally, the ITAT allowed the deduction u/s 54 for the cost of new flats received as part of the sale consideration, emphasizing the utilization of capital gains in constructing a new residential house. Both appeals were allowed in favor of the assessees. Case-Laws Income Tax Fri, 02 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333864