https://www.taxtmi.com/caselaws?id=755564 ITAT Mumbai held that despite capital gains being re-characterized as short-term under deeming provisions, the underlying asset remains a long-term capital asset, enabling exemption claims under section 54F if conditions are met. The tribunal distinguished between assessing officer powers and appellate authority powers, citing Goetze India Limited, ruling that appellate authorities can consider exemption claims even if not initially made before the AO. The matter was remanded to the AO to recompute income considering sections 41(2) and 50C, and allow section 54F exemption if conditions are satisfied. en-us Fri, 12 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:19:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755564 ITAT Mumbai held that despite capital gains being re-characterized as short-term under deeming provisions, the underlying asset remains a long-term capital asset, enabling exemption claims under section 54F if conditions are met. The tribunal distinguished between assessing officer powers and appellate authority powers, citing Goetze India Limited, ruling that appellate authorities can consider exemption claims even if not initially made before the AO. The matter was remanded to the AO to recompute income considering sections 41(2) and 50C, and allow section 54F exemption if conditions are satisfied. Case-Laws Income Tax Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755564