Deeming Fiction under Section 50 does not extend to Section 74
The Assessee1 transferred a depreciable capital asset and computed capital gain from it at INR 752.34 Crores in accordance with the provisions of Section 50 of the Income-tax Act, 1961 (‘the Act’).
During the year under consideration, the Assessee had also incurred a long-term capital loss amounting to INR 257.25 Crores.