https://www.taxtmi.com/caselaws?id=121272 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 6,84,000 as short-term capital gains, ruling that section 50C does not apply to the computation of capital gains when assets sold are part of a block that continues to exist with a positive figure after the sale. The Tribunal emphasized that section 50 creates a deeming fiction for taxing depreciable assets transferred during the previous year and cannot be extended beyond its intended purpose. Consequently, the Tribunal dismissed the revenue's appeal, affirming that section 50C was not applicable in this case. en-us Sat, 01 Aug 2009 00:00:00 +0530 Fri, 27 Jul 2012 18:45:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121272 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 6,84,000 as short-term capital gains, ruling that section 50C does not apply to the computation of capital gains when assets sold are part of a block that continues to exist with a positive figure after the sale. The Tribunal emphasized that section 50 creates a deeming fiction for taxing depreciable assets transferred during the previous year and cannot be extended beyond its intended purpose. Consequently, the Tribunal dismissed the revenue's appeal, affirming that section 50C was not applicable in this case. Case-Laws Income Tax Sat, 01 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121272