https://www.taxtmi.com/caselaws?id=205520 The High Court upheld the Income-tax Appellate Tribunal's decision, determining that depreciation should be calculated based on the actual sale price of an asset, not the fair market value. The Court found that the relevant provisions of the Income-tax Act supported this interpretation, distinguishing between asset sales and scrap sales. The decision favored the assessee, concluding that the reduction of fair market value from the block while calculating depreciation was not justified. The appeal was resolved in favor of the assessee, with no costs awarded. en-us Thu, 16 Jun 2011 00:00:00 +0530 Mon, 31 Oct 2011 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205520 The High Court upheld the Income-tax Appellate Tribunal's decision, determining that depreciation should be calculated based on the actual sale price of an asset, not the fair market value. The Court found that the relevant provisions of the Income-tax Act supported this interpretation, distinguishing between asset sales and scrap sales. The decision favored the assessee, concluding that the reduction of fair market value from the block while calculating depreciation was not justified. The appeal was resolved in favor of the assessee, with no costs awarded. Case-Laws Income Tax Thu, 16 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205520