https://www.taxtmi.com/caselaws?id=461210 The Tribunal upheld the application of Section 50C of the Income Tax Act, affirming that the valuation by the Stamp Valuation Authority should be used for computing capital gains, as the assessee did not contest this valuation. It concluded that Section 54EC, which provides an exemption for reinvested capital gains, does not override the deemed consideration under Section 50C, limiting the exemption to the actual reinvestment amount. Additionally, the Tribunal found no misinterpretation by the Commissioner of Income-tax (Appeals) regarding a referenced jurisdictional ITAT decision, thereby dismissing the appeal. en-us Thu, 01 Aug 2013 00:00:00 +0530 Fri, 21 Mar 2025 15:07:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461210 The Tribunal upheld the application of Section 50C of the Income Tax Act, affirming that the valuation by the Stamp Valuation Authority should be used for computing capital gains, as the assessee did not contest this valuation. It concluded that Section 54EC, which provides an exemption for reinvested capital gains, does not override the deemed consideration under Section 50C, limiting the exemption to the actual reinvestment amount. Additionally, the Tribunal found no misinterpretation by the Commissioner of Income-tax (Appeals) regarding a referenced jurisdictional ITAT decision, thereby dismissing the appeal. Case-Laws Income Tax Thu, 01 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461210