Description:
In Gouli Mahadevappa v.ITO (2011) 9 ITR (Trib) 129 (Bang.)
The tribunal held that the computation under section 48 must adopt the deemed sale consideration as per the fiction created by section 50C. However while computing exemption under section 54F the actual net sale consideration and the amount of investment are to be compared for allowance of deduction.
Only for the purpose of quantifying the exemption under section 54F the provisions of section 50C will not apply.
Source:
1. www.tpcc.in.
2. The Tax Referencer .Volume120. Issue No.2, 11 July 2011 Page No.30.
Our comment:
Only actual sale consideration received has to be considered for 54f provisions.
