https://www.taxtmi.com/caselaws?id=181272 The ITAT Mumbai dismissed the Revenue's appeal against the CIT (A)'s decision to reduce fair market value from the block for depreciation calculation and deleting disallowance. The ITAT upheld CIT (A)'s ruling that only the sale price, not the fair market value, should be considered for computing the block of assets. The judgment favored the assessee's position, emphasizing that the price at which the asset is sold is crucial for depreciation calculation. Therefore, the Revenue's appeal was dismissed on 29th October 2009. en-us Thu, 29 Oct 2009 00:00:00 +0530 Tue, 12 Apr 2016 12:18:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181272 The ITAT Mumbai dismissed the Revenue's appeal against the CIT (A)'s decision to reduce fair market value from the block for depreciation calculation and deleting disallowance. The ITAT upheld CIT (A)'s ruling that only the sale price, not the fair market value, should be considered for computing the block of assets. The judgment favored the assessee's position, emphasizing that the price at which the asset is sold is crucial for depreciation calculation. Therefore, the Revenue's appeal was dismissed on 29th October 2009. Case-Laws Income Tax Thu, 29 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181272