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2018 (6) TMI 1094 - ITAT JAIPURAdditions made on LTCG on sale of agricultural land by adopting stamp duty valuation u/s 50C and ignoring the benefit of claim u/s 54B and 54F - AO has made addition of the capital gain which is over and above the investment made in the agricultural land and residential house due to the fair market value adopted as per the provisions of Section 50C - Held that:- Once, the assessee has invested the entire actual sale consideration for purchase of agricultural land eligible for deduction U/s 54B as well purchase of new residential house eligible for deduction Under section 54F of the Act then, no addition is justified based on the deemed full value consideration as per the provisions of Section 50C of the Act. When the capital gain was fully invested in the new capital asset eligible for deduction u/s 54B and 54F then the benefit of the provisions of Sections 54B and 54F would be available to the assessee to the full amount of capital gain computed on the basis of deemed full value u/s 50C - Hence, the addition made by the AO on account of capital gain is deleted - Decided in favor of assessee.
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