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2015 (1) TMI 820 - HC - Income TaxDisallowance of expenditure - deduction could have been claimed and allowed under section 37 of the Act and not under section 35DDA - ld that:- Merely invoking wrong provisions should not disentitle the Assessee from claiming the deduction if the same can be otherwise claimed and granted and with recourse to another provision in the Income Tax Act, 1961. - Decided in favour of assessee. Bifurcation of land and building - Exemption under section 54EC - Held that:- Gain in respect of land portion has to be computed as long terms capital gain and the Assessee has invested this gain in NABARD bonds. Therefore, it would be entitled to deduction under Section 54EC of the Act. It would be so entitled in respect of short term capital gain under under section 50 in respect of building portion, if the same was held for more than three years. There was nothing in section 50 to suggest that fiction created is not restricted in its application to sections 48 & 49, but to other provisions as well. Section itself makes it clear that the deeming fiction created in sub-sections 1 & 2 is restricted only to the mode of computation of capital gains contained in sections 48 & 49. Section 50 does not convert a long term capital asset into short term capital asset. - Decided in favour of assessee.
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