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2010 (7) TMI 621 - AT - Income TaxLTCG - Exemption u/s 54F(1)(a) - Income escaping assessment - . It is evident from the reasoning of the Assessing Officer that he was in possession of information that the assessee had sold a property for Rs. 36 lakhs in Bangalore which was not finding a place anywhere in the earlier return of income which was processed under section 143(1) - the capital gains arising from the transfer of any long term capital asset for the purpose of section 54F has to be worked out applying section 48 without imposing section 50C into it - Needless to mention that the words “such capital gain” and “capital gains” mentioned in section 54F(1)(a) & (b) of the Act refers to “the capital gains” arising from the transfer of any long term capital asset worked out as mentioned in section 54F(1) of the Act read with section 48 and not worked out as mentioned in section 45(1) read with sections 48 and 50C of the Act - its unreserved appreciation and applauds to the assessee’s contribution in his younger days in defending the nation against the imperialism as a freedom fighter - In the result, the appeal of the assessee is dismissed
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