https://www.taxtmi.com/caselaws?id=69726 The appellant's claim for depreciation on fixed assets was disallowed by the Assessing Officer, stating that the assets were sold, not exchanged. The Appellate Assistant Commissioner upheld this decision, but the Tribunal remanded the case for fresh adjudication, finding the AAC misapplied the law. Similarly, the issue of terminal depreciation on asset transfer was wrongly interpreted by the AAC, leading to a remand for correct assessment. The Tribunal emphasized that the broader definition of "sale" under the Income Tax Act includes exchanges. The consideration of capital loss on the sale of a business as a going concern was also remanded for proper evaluation, as the AAC's reliance on exchange rather than sale was deemed incorrect. en-us Mon, 02 Apr 1979 00:00:00 +0530 Mon, 11 Apr 2011 17:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69726 The appellant's claim for depreciation on fixed assets was disallowed by the Assessing Officer, stating that the assets were sold, not exchanged. The Appellate Assistant Commissioner upheld this decision, but the Tribunal remanded the case for fresh adjudication, finding the AAC misapplied the law. Similarly, the issue of terminal depreciation on asset transfer was wrongly interpreted by the AAC, leading to a remand for correct assessment. The Tribunal emphasized that the broader definition of "sale" under the Income Tax Act includes exchanges. The consideration of capital loss on the sale of a business as a going concern was also remanded for proper evaluation, as the AAC's reliance on exchange rather than sale was deemed incorrect. Case-Laws Income Tax Mon, 02 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69726