| Question And Answer | |
|---|---|
| Subject: | 45[3] vs 50c |
| Category: | Income-Tax |
| Querist: | BKS |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | 50C, capital gain, section 45(3) |
| Date: | June 20, 2023 |
which prevails over the other , 50c or 45[3]?
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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