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2016 (5) TMI 874 - AT - Income TaxExemption under section 54F - whether the deemed consideration under section 50C of the I.T. Act is to be taken into consideration or the consideration mentioned in the sale deed only is to be taken into consideration? - Held that:- The ultimate object and purpose of section 50C of the I.T. Act is to see that the undisclosed income of capital gains received by the assessee should be taxed and that the law should not encourage and permit the assessee to peg down the market value at their whims and fancy to avoid tax, but when the capital gain is assessed on notional basis, whatever amount is invested in the new residential house within the prescribed period under section 54 of the I.T. Act, the entire amount invested, should get benefit of deduction irrespective of the fact that the funds from other sources are utilised for new residential house Since the facts in the case of the assessee herein are similar to the facts in the case of Raj Babbar (2013 (1) TMI 237 - ITAT MUMBAI ), respectfully following the decision of the Coordinate Bench, we do not see any reason to interfere with the order of the CIT(A).
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