Deeming fiction created by virtue of sec. 50C cannot be extended to sec. 11(1A)

Deeming fiction created by virtue of section 50C of Income Tax Act,1961 in determining capital gain cannot be extended to section 11(1A). This appeal is preferred by the Revenue against the order of the ld. CIT(A) on a solitary ground that the ld. CIT(A) has erred in law and on facts in deleting the addition of Rs.43,78,588/- made by the Assessing Officer on account of capital gain arisen out of sale of property at Rs.1,22,58,888/- by applying the provisions of section 50C of the Income-tax Act, 1961 (hereinafter called in short ‘the Act’) without appreciating the facts brought on ...