https://www.taxtmi.com/caselaws?id=71002 The Tribunal ruled in favor of the assessee, finding the Assessing Officer's estimates of profits on the sale of leased vehicles unwarranted and unjustified. The Assessing Officer's actions lacked legal basis post the omission of section 52 of the IT Act, and the provisions of sections 50, 32, 43(6), and 41(2) did not support the estimation of higher sale prices and profits. Consequently, the Tribunal deleted the additions for both assessment years, emphasizing that only capital gains could be computed on the sale of depreciable assets under section 50. en-us Sat, 11 Jul 1998 00:00:00 +0530 Wed, 20 Apr 2011 16:59:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71002 The Tribunal ruled in favor of the assessee, finding the Assessing Officer's estimates of profits on the sale of leased vehicles unwarranted and unjustified. The Assessing Officer's actions lacked legal basis post the omission of section 52 of the IT Act, and the provisions of sections 50, 32, 43(6), and 41(2) did not support the estimation of higher sale prices and profits. Consequently, the Tribunal deleted the additions for both assessment years, emphasizing that only capital gains could be computed on the sale of depreciable assets under section 50. Case-Laws Income Tax Sat, 11 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71002