https://www.taxtmi.com/caselaws?id=394753 The Tribunal allowed the assessee's appeal regarding the taxation of Long Term Capital Gain under section 54F(1)(a) for AY 2009-10. The CIT(A)'s enhancement of the capital gain was deemed improper as Section 54F provisions were not duly considered. The Tribunal emphasized that the deeming fiction of Section 50C should not extend to Section 54F for exemption calculations. As the enhancement was previously deleted in the original assessment, it could not be sustained in the reassessment under section 153A. Therefore, the Tribunal ruled in favor of the assessee, resulting in the deletion of the additional capital gain amount. en-us Mon, 17 Feb 2020 00:00:00 +0530 Thu, 23 Apr 2020 11:21:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394753 The Tribunal allowed the assessee's appeal regarding the taxation of Long Term Capital Gain under section 54F(1)(a) for AY 2009-10. The CIT(A)'s enhancement of the capital gain was deemed improper as Section 54F provisions were not duly considered. The Tribunal emphasized that the deeming fiction of Section 50C should not extend to Section 54F for exemption calculations. As the enhancement was previously deleted in the original assessment, it could not be sustained in the reassessment under section 153A. Therefore, the Tribunal ruled in favor of the assessee, resulting in the deletion of the additional capital gain amount. Case-Laws Income Tax Mon, 17 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394753