{"id":13708,"date":"2016-05-16T14:30:22","date_gmt":"2016-05-16T09:00:22","guid":{"rendered":"http:\/\/itatonline.org\/archives\/?p=13708"},"modified":"2016-05-16T14:30:22","modified_gmt":"2016-05-16T09:00:22","slug":"ito-vs-kondal-reddy-mandal-reddy-itat-hyderabad-s-50c-54f-in-allowing-exemption-us-54f-the-deemed-consideration-us-50c-has-to-be-taken-into-consideration-and-it-cannot-be-restricted-to-the-consi","status":"publish","type":"post","link":"https:\/\/itatonline.org\/archives\/ito-vs-kondal-reddy-mandal-reddy-itat-hyderabad-s-50c-54f-in-allowing-exemption-us-54f-the-deemed-consideration-us-50c-has-to-be-taken-into-consideration-and-it-cannot-be-restricted-to-the-consi\/","title":{"rendered":"ITO vs. Kondal Reddy Mandal Reddy (ITAT Hyderabad)"},"content":{"rendered":"<p>The ultimate object and purpose of section 50C of the I.T. Act is to see that the undisclosed income of capital gains received by the assessee should be taxed and that the law should not encourage and permit the assessee to peg down the market value at their whims and fancy to avoid tax, but when the capital gain is assessed on notional basis, whatever amount is invested in the new residential house within the prescribed period under section 54 of the I.T. Act, the entire amount invested, should get benefit of deduction irrespective of the fact that the funds from other sources are utilised for new residential house.<\/p>\n<p>(1) Raj Babbar vs. ITO (2013) 56 SOT 1 (ITAT) (Mum)<br \/>\n(2) Gouli Mahadevappa vs. ITO (2013) 356 ITR 90 (Kar)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ultimate object and purpose of section 50C of the I.T. Act is to see that the undisclosed income of capital gains received by the assessee should be taxed and that the law should not encourage and permit the assessee to peg down the market value at their whims and fancy to avoid tax, but when the capital gain is assessed on notional basis, whatever amount is invested in the new residential house within the prescribed period under section 54 of the I.T. Act, the entire amount invested, should get benefit of deduction irrespective of the fact that the funds from other sources are utilised for new residential house<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/archives\/ito-vs-kondal-reddy-mandal-reddy-itat-hyderabad-s-50c-54f-in-allowing-exemption-us-54f-the-deemed-consideration-us-50c-has-to-be-taken-into-consideration-and-it-cannot-be-restricted-to-the-consi\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4,8],"tags":[],"class_list":["post-13708","post","type-post","status-publish","format-standard","hentry","category-all-judgements","category-tribunal","judges-b-ramakotiah-am","judges-p-madhavi-devi-jm","section-50c","section-54f","counsel-k-c-devdas","court-itat-hyderabad","catchwords-capital-gains","catchwords-exempt-income","catchwords-exemption","genre-domestic-tax"],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/13708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/comments?post=13708"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/13708\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/media?parent=13708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/categories?post=13708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/tags?post=13708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}