Deeming fiction under s. 50 is restricted to the chargeability of gain as short-term capital gain but the asset remains a long-term capital asset and does not become a short-term capital asset by virtue of S.  50. Though the assessee is precluded from making the claim without making any claim in the return of income or revised return before the AO, the CIT(A) should have granted the claim of the assessee under S. 54. The  issue is restored back to the AO to compute the income of the assessee considering the provisions of s. 41(2) and S. 50 and thereafter allow the claim of the assessee under s. 54F if other conditions are satisfied. (SMC)  (AY.  2014-15)