Consideration deemed to be received u/s 50C cannot be treated as consideration actually received

0 comments Tuesday, February 14, 2012

Legal fiction created by section 50C is limited to purposes of section 48 alone and does not displace legal fiction created by sections 69, 69A and 69B, this is a verdict which Chandigarh ITAT has given in the following case.

The Tribunal in this case has held that a legal fiction u/s 50C cannot be so extended to create another legal fiction to effect that consideration deemed to be so received would also be deemed to generate cash/funds for making investments or meeting expenses, or otherwise displace legal fiction created by sections 69, 69A and 69B.
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