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2022 (3) TMI 213 - AT - Income TaxCapital Gain Tax on sale of flats - CIT(A) directing the AO to re-compute the Capital Gain Tax on sale of flats at the rate applicable for long term capital gains i.e. 20% instead of 30% applicable to short term capital gains as the flats were held for more than 3 years - HELD THAT:- Similar issue was considered and adjudicated by the Coordinate Bench in assessee’s own case for the A.Y. 2013-14 [2021 (1) TMI 74 - ITAT MUMBAI] and decided the issue in favour of the assessee as held deeming fiction of section 50 is limited and cannot be extended beyond method of computation of the gain. That the distinction between short term and long term capital gain is not obliterated by this section. Hence, we respectfully follow the same and reject this submission of learned Departmental Representative - Also see V.S. DEMPO COMPANY LTD. [2016 (10) TMI 62 - SUPREME COURT]. This additional ground is allowed.
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