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2011 (11) TMI 477 - HC - Income TaxDeduction u/s 48(2) - share of capital gains received from firm - Held that:- It is not in dispute that in the hands of the partner the amount of long term capital gain is entitled to apportionment under various heads. Section 48(2) allows deduction while computing the capital gains and not from the capital gains included in the gross total income while Section 80T provides for deduction from the gross total income and Section 80A(3) provides that when once the deduction was allowable in the case of a firm, no such deduction would be allowed in the hands of the partner. Thus, assessee was not entitled to deduction u/s 48(2) in respect of the capital gains received from the firm - against the assessee.
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