https://www.taxtmi.com/caselaws?id=195967 The Revenue's appeal against the CIT(A)-VI, Mumbai's Order for the assessment year 2004-2005 involved the interpretation of sections 50C and 50 for computing gains on depreciable assets. The dispute centered on whether section 50C could be applied when section 50 was applicable. The CIT(A) directed the Assessing Officer to adjust the depreciation by reducing the sale value of depreciable assets from the block of assets, rejecting the Revenue's argument based on a previous ITAT decision. The ITAT upheld the CIT(A)'s decision, emphasizing the use of actual sale price rather than fair market value for computing the block of assets. The Revenue's appeal was dismissed by the ITAT. en-us Fri, 15 Jan 2010 00:00:00 +0530 Wed, 15 Nov 2017 12:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195967 The Revenue's appeal against the CIT(A)-VI, Mumbai's Order for the assessment year 2004-2005 involved the interpretation of sections 50C and 50 for computing gains on depreciable assets. The dispute centered on whether section 50C could be applied when section 50 was applicable. The CIT(A) directed the Assessing Officer to adjust the depreciation by reducing the sale value of depreciable assets from the block of assets, rejecting the Revenue's argument based on a previous ITAT decision. The ITAT upheld the CIT(A)'s decision, emphasizing the use of actual sale price rather than fair market value for computing the block of assets. The Revenue's appeal was dismissed by the ITAT. Case-Laws Income Tax Fri, 15 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195967