https://www.taxtmi.com/caselaws?id=371987 The Tribunal ruled in favor of the assessee, holding that the full deduction under Section 54F of the Income Tax Act was allowable as the entire net consideration was invested in acquiring a new house. The Tribunal emphasized that the provisions of Section 50C, which deal with deeming fiction for computing capital gains, do not override the specific conditions outlined in Section 54F. Consequently, the orders of the lower authorities were set aside, and the addition made by the Assessing Officer was deleted. The appeal of the assessee was allowed, with the final order pronounced on 12th December 2018. en-us Wed, 12 Dec 2018 00:00:00 +0530 Sat, 15 Dec 2018 09:59:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371987 The Tribunal ruled in favor of the assessee, holding that the full deduction under Section 54F of the Income Tax Act was allowable as the entire net consideration was invested in acquiring a new house. The Tribunal emphasized that the provisions of Section 50C, which deal with deeming fiction for computing capital gains, do not override the specific conditions outlined in Section 54F. Consequently, the orders of the lower authorities were set aside, and the addition made by the Assessing Officer was deleted. The appeal of the assessee was allowed, with the final order pronounced on 12th December 2018. Case-Laws Income Tax Wed, 12 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371987