Deeming section 50C cannot override section 45(3)

ACIT Vs Amartara Pvt. Ltd. (ITAT Mumbai)

Deeming section 50C cannot override another deeming section 45(3) which is specifically created by Income Tax Act, 1961

The issue under consideration is whether A.O. is correct by adding long term capital gains by applying section 50C in case where land is transferred by the partner in his firm as capital contribution?

The Hon’ble Tribunal has held that the deeming section provided in Section 50C cannot be extended to another deeming section create

Please become a Premium member. If you are already a Premium member, login here to access the full content.