https://www.taxtmi.com/caselaws?id=368311 The Tribunal ruled in favor of the appellant, allowing the appeal and setting aside the CIT (A)'s order. It held that the appellant met the conditions of section 54F by investing the entire net consideration in a new asset, exempting the capital gains from tax. The Tribunal emphasized that the deeming provision of section 50C should not override the specific provisions of section 54F. Additionally, it criticized the Assessing Officer for not considering comparable sale instances and deemed the excessive addition of capital gains unsustainable, granting the appellant the deduction under section 54F. en-us Fri, 31 Aug 2018 00:00:00 +0530 Sat, 06 Oct 2018 09:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368311 The Tribunal ruled in favor of the appellant, allowing the appeal and setting aside the CIT (A)'s order. It held that the appellant met the conditions of section 54F by investing the entire net consideration in a new asset, exempting the capital gains from tax. The Tribunal emphasized that the deeming provision of section 50C should not override the specific provisions of section 54F. Additionally, it criticized the Assessing Officer for not considering comparable sale instances and deemed the excessive addition of capital gains unsustainable, granting the appellant the deduction under section 54F. Case-Laws Income Tax Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368311