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| The Tax Publishers2020 TaxPub(DT) 1634 (Visakhapatnam-Trib) INCOME TAX ACT, 1961
Section 50C Section 11 Section 12
When income had to be computed under sections 11 to 13, application of section 50C had no relevance.
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Capital gains - Full value of consideration - Applicability of section 50C - Assessee being charitable trust eligible for exemption under sections 11 and 12
Assessee-charitable trust sold certain property AO invoked section 50C and made addition.Held: When income had to be computed under section 11 to 13, application of section 50C had no relevance. Since assessee had invested entire sale consideration of Rs. 40.99 lakhs in fixed deposits, assessee was entitled to claim exemption under section 11 and thus, addition was not sustainable.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11
INCOME TAX ACT, 1961
Section 11(1)(d)
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