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Deeming section 50 cannot be extended to restrict deduction u/s 54F
Case Law Details
- Case Name
- DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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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 unit numbers 24-26 situated at Pearl Center , Dadar which were us...
