Question And Answer
Subject: 45[3] vs 50c
Querist: BKS
Answered by:
Tags: , ,
Date: June 20, 2023
Query asked by BKS

which prevails over the other , 50c or 45[3]?

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The deeming fiction of section 50C of the Act cannot override the deeming fiction under section 45(3) of the Act. This has been held by the Hon’ble Income-tax Appellate Tribunal – Mumbai Bench in the case of Network Construction Company v. ACIT (2020) 185 ITD 318 (Mum)(Trib)

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