Deemed Section 50C consideration cannot limit Section 54F exemption: ITAT Raipur

Mahesh Shrivastava Vs ITO (ITAT Raipur)

The appeal concerned additions made to the assessee’s income on account of long-term capital gains arising from the sale of jointly owned land and the consequent denial of full exemption under Section 54F of the Income-tax Act, 1961. The assessee challenged the adoption of an inflated stamp duty valuation under Section 50C and the partial denial of exemption under Section 54F.

The assessee had filed the original return declaring income of ₹95,000. The case was later reopened on the ground that capital gains chargeable under Sectio

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