https://www.taxtmi.com/caselaws?id=394315 Where land is contributed to a partnership firm as capital, section 45(3) governs computation and deems the firm's book value as full consideration, so section 50C cannot be superimposed to substitute a higher value for capital gains under section 48. On that basis, consequential reduction of depreciation on the block of assets also fails because it depends on the rejected section 50C adjustment. The text further notes that disallowance under section 14A read with Rule 8D is confined to the exempt income actually earned. The Revenue's appeals therefore failed and the appellate relief was sustained. en-us Mon, 02 Mar 2020 00:00:00 +0530 Wed, 08 Apr 2020 17:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394315 Where land is contributed to a partnership firm as capital, section 45(3) governs computation and deems the firm's book value as full consideration, so section 50C cannot be superimposed to substitute a higher value for capital gains under section 48. On that basis, consequential reduction of depreciation on the block of assets also fails because it depends on the rejected section 50C adjustment. The text further notes that disallowance under section 14A read with Rule 8D is confined to the exempt income actually earned. The Revenue's appeals therefore failed and the appellate relief was sustained. Case-Laws Income Tax Mon, 02 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394315