https://www.taxtmi.com/caselaws?id=349157 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 70,00,800/-, holding that Section 50C's deeming provisions for computing capital gains do not extend to Section 54F. The Tribunal emphasized that Section 54F requires the actual consideration received to be reinvested for claiming exemption on capital gains, not the deemed consideration under Section 50C. Various judicial precedents supported this interpretation. The Tribunal dismissed the Revenue's appeal, directing computation of the deduction under Section 54F based on the actual sale consideration. en-us Thu, 28 Sep 2017 00:00:00 +0530 Sat, 07 Oct 2017 09:00:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349157 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 70,00,800/-, holding that Section 50C's deeming provisions for computing capital gains do not extend to Section 54F. The Tribunal emphasized that Section 54F requires the actual consideration received to be reinvested for claiming exemption on capital gains, not the deemed consideration under Section 50C. Various judicial precedents supported this interpretation. The Tribunal dismissed the Revenue's appeal, directing computation of the deduction under Section 54F based on the actual sale consideration. Case-Laws Income Tax Thu, 28 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349157