https://www.taxtmi.com/caselaws?id=376615 The ITAT dismissed the Revenue's appeal and allowed the assessee's appeal. It upheld the CIT(A)'s decision on the primacy of Section 45(3) over Section 50C in determining Long Term Capital Gains. The ITAT also allowed the exemption claimed under Section 54F, rejecting the disallowance based on joint property ownership. Furthermore, the ITAT deleted the ad-hoc 15% expense disallowance, finding it unsupported by evidence. en-us Thu, 28 Feb 2019 00:00:00 +0530 Wed, 13 Mar 2019 09:16:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376615 The ITAT dismissed the Revenue's appeal and allowed the assessee's appeal. It upheld the CIT(A)'s decision on the primacy of Section 45(3) over Section 50C in determining Long Term Capital Gains. The ITAT also allowed the exemption claimed under Section 54F, rejecting the disallowance based on joint property ownership. Furthermore, the ITAT deleted the ad-hoc 15% expense disallowance, finding it unsupported by evidence. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376615