Section 50C Deeming Fiction Can’t Override 54B Exemption: ITAT Jaipur

Meera Vs ITO (ITAT Jaipur) 50C Deeming Fiction Can’t Override 54B Exemption- Full Reinvestment Shields from Tax: ITAT Jaipur- Stamp Duty Value Irrelevant for 54B Exemption- Background Case: Related to sale of agricultural land jointly held with co-owners. AO’s findings: Land sold on 17.03.2010 for ₹43,50,000 (assessee’s share 1/8th). Sub-Registrar valued land at higher DLC value (₹1,01,78,240). Assessee’s share as per sec. 50C worked out to ₹25,44,560. After indexation, LTCG computed at ₹18,53,310. Deduction u/s 54B denied. Assessed income at ₹18,53,310. CIT(A) Order (17.10...