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2014 (10) TMI 786 - HC - Income TaxEligibility for benefit u/s 47(v) - Whether the Tribunal is right in holding that capital gain chargeable to tax u/s. 46(2) will also be eligible for grant of benefit envisaged u/s 47(v) - Held that:- Following the decision in Commissioner of Income Tax vs. Brahmi Investments Pvt Ltd. [2006 (2) TMI 129 - GUJARAT High Court] - Once section 46(2) comes into play, there is no question of invoking the provisions of section 45 of the Act, and the deeming fiction under section 47 of the Act operates only in relation to transfers amenable to the provisions of section 45 of the Act. This is abundantly clear from the opening portion of section 47 of the Act – thus, the capital gain tax is not leviable upon the assessee on the receipt.
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