https://www.taxtmi.com/caselaws?id=377183 The High Court affirmed that the deeming fiction under Section 50C applies for computing capital gains and claiming exemption under Section 54EC. The Court held that the assessee must base their calculations on the deemed sale consideration as per Section 50C, rejecting arguments to the contrary. The Tribunal's decision was upheld, dismissing the appeals and emphasizing the importance of adhering to the legislative intent behind Sections 50C and 54EC to prevent undervaluation in property transactions. en-us Tue, 12 Mar 2019 00:00:00 +0530 Mon, 25 Mar 2019 06:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377183 The High Court affirmed that the deeming fiction under Section 50C applies for computing capital gains and claiming exemption under Section 54EC. The Court held that the assessee must base their calculations on the deemed sale consideration as per Section 50C, rejecting arguments to the contrary. The Tribunal's decision was upheld, dismissing the appeals and emphasizing the importance of adhering to the legislative intent behind Sections 50C and 54EC to prevent undervaluation in property transactions. Case-Laws Income Tax Tue, 12 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377183