S. 54F benefit available even on Value exceeding actual consideration due to deemed fiction U/s. 50C

IN THE ITAT MUMBAI BENCH ‘D’ Raj Babbar Versus Income-tax Officer IT APPEAL NO. 6497 (MUM.) OF 2011 (2013) 56 SOT 1 (ITAT) (Mum.) [ASSESSMENT YEAR 2008-09] JANUARY 2, 2013 ORDER D. Karunakara Rao, Accountant Member This appeal filed by the assessee on 26.9.2011 is against the order of CIT (A)-3, Mumbai dated 28.06.2011 for the assessment year 2008-2009. 2. In this appeal, assessee raised the following grounds which read as under: “1.  The CIT (A)-3, Mumbai erred in holding that the deduction u/s 54F was allowable with reference to sale consideration of Rs. 8...