The assessee transferred an immoveable property as a capital contribution in to ATL H0spitality . The assessee while computing the capital gain on transfer of  land in to partnership has taken the value as recorded  in the books of the firm as per provision of S.45(3) of the Act .i.e  Rs 5.60 crores as the full value of consideration deemed to have been received or  accrued  as a result  of transfer of capital asset to the partnership firm .  The AO applied the provisions of S.50C  and valued at Rs 9,41 , 78 ,500  ,being the value determined by the Stamp Valuation Authority at the time of registration of the supplementary partnership deed. The CIT (A) up held the order of the AO . On appeal the  Tribunal held that  a plain reading of provisions of S.45(3) makes it clear that it comes in to operation only on a special cases of transfer between partnership firm and partners and in such circumstances , a deemed full  value of consideration shall be considered for the purpose of computation of capital gain as per which the amount recorded in the books of account of the firm shall be taken as a full value of consideration. Though the provision of S.45(3) is not specific provision overrides the other provisions of the Act .Importing a deeming  fiction provided in S.50C of the Act  cannot extended to another to another deeming fiction created by the statute by way of S.45(3) to deal with special case of transfer . Accordingly the finding of the CIT (A) is reversed  and appeal of the assessee is allowed . ( ITA NO 6050/M/2016 / ITA No 1614 / Mum/2016 dt 29 -12 -2017 (AY. 2012 -13 )

( Editorial :  decision in Carlton Hotel Pvt Ltd v ACIT (2009 ) 122 ITTJ 515 (Luck) (Trib ) is distinguished , High Court set aside the order of the Tribunal , CIT v. Carlton Hotel Pvt Ltd ( 2017) 399 ITR 611 (All) (HC), SLP of the assessee is dismissed , Carlton Hotel Pvt Ltd v ACIT (SC).  Followed  CIT v Moon Mills Ltd ( 1966) 59 ITR 574(SC), also refer , Shri Sarrangan Ashok v. ITO , ITA No 544 /Chny/ 2019  dt 19-08 -2019 ( AY. 2015 -16 ), D.R.Yadav v R.K Singh ( 2003) 7 SCC 110 , ACIT v Moti Ramnanad Sagar  , ITA NO 2049/Mum/ 2017 / 1690 /Mum/ 2017  dt 28 -02 -2019 (AY. 2012 -13)  ITO v Chiraayu Estate & Dev Pvt Ltd ITA No. 263/Mum/2010 dt. 24 -08 , 2011 (AY. 2006 -07)   ITO v. Sheila  Sen , ITA No. 554 /Kol/2016 dt          7 -09 -2018 (AY. 2006 -07) Navneet Kumar Thakkar v ITO (2008) 110 ITD 525 ( Jodhpur )( Trib)   )