https://www.taxtmi.com/caselaws?id=11277 The court affirmed that the sale proceeds of depreciable assets were taxable as capital gains, rejecting the claim that they were not taxable as representing capital assets. It emphasized the importance of the written down value in determining capital gains for depreciable assets under Section 50 of the Income-tax Act. The court clarified that the full value of the cost of acquisition allowed as depreciation resulted in a "nil" written down value, leading to the entire sale proceeds being treated as capital gains. The assessee's request for indexing the cost of acquisition under sections 48 and 49 was denied, as Section 50 modifies the computation of capital gains for depreciable assets to prevent multiple benefits. en-us Wed, 10 Dec 2003 00:00:00 +0530 Tue, 04 Aug 2009 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11277 The court affirmed that the sale proceeds of depreciable assets were taxable as capital gains, rejecting the claim that they were not taxable as representing capital assets. It emphasized the importance of the written down value in determining capital gains for depreciable assets under Section 50 of the Income-tax Act. The court clarified that the full value of the cost of acquisition allowed as depreciation resulted in a "nil" written down value, leading to the entire sale proceeds being treated as capital gains. The assessee's request for indexing the cost of acquisition under sections 48 and 49 was denied, as Section 50 modifies the computation of capital gains for depreciable assets to prevent multiple benefits. Case-Laws Income Tax Wed, 10 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11277