Deeming section 50 cannot be extended to restrict deduction u/s 54F

DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai)

Conclusion: Assessee was entitled for deduction u/s. 54F on the capital gains arising on the sale of depreciable assets being commercial flats computed in the manner laid down in Section 50 read with Section 48, 49 and 45  and  section 50 was a deemed provision, therefore, its applicability could not be extended to deduction section 54F.

Held:  Assessee intended to claim deduction u/s 54F with respect to capital gains arising from the sale of commercial flats being

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