Transshipment permission for courier import goods granted subject to customs supervision, bond compliance, sealing, escort and destination acknowledgm...
Section 50 applies only as a limited deeming fiction for computing capital gains on depreciable assets and does not change the asset's character for all purposes. The Tribunal held that where the asset was held beyond the prescribed period, the resulting gain could be computed under section 50 but remained taxable at the long-term capital gains rate, not as short-term capital gain merely because depreciation had been claimed earlier. It also sustained adoption of the written down value as the cost of acquisition, rejecting indexation from original cost and the separate claim for cost of improvement because no supporting evidence was produced.
Section 50 applies only as a limited deeming fiction for computing capital gains on depreciable assets and does not change the asset's character for all purposes. The Tribunal held that where the asset was held beyond the prescribed period, the resulting gain could be computed under section 50 but remained taxable at the long-term capital gains rate, not as short-term capital gain merely because depreciation had been claimed earlier. It also sustained adoption of the written down value as the cost of acquisition, rejecting indexation from original cost and the separate claim for cost of improvement because no supporting evidence was produced.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
