https://www.taxtmi.com/caselaws?id=15259 The judgment focused on interpreting Section 50 for computing capital gains, specifically addressing the deduction of depreciation and the application of fair market value as the cost of acquisition. It clarified that depreciation allowed to the assessee affects the cost of acquisition, emphasizing the prevention of double taxation. The court highlighted the importance of following the procedure outlined in Section 50(2) for accurate computation of capital gains. Regarding the relevance of depreciation allowed to the deceased, the judgment ruled in favor of the assessee, stating that such depreciation cannot reduce the cost of acquisition when the fair market value option is chosen. en-us Mon, 28 Dec 1998 00:00:00 +0530 Tue, 04 Aug 2009 12:53:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15259 The judgment focused on interpreting Section 50 for computing capital gains, specifically addressing the deduction of depreciation and the application of fair market value as the cost of acquisition. It clarified that depreciation allowed to the assessee affects the cost of acquisition, emphasizing the prevention of double taxation. The court highlighted the importance of following the procedure outlined in Section 50(2) for accurate computation of capital gains. Regarding the relevance of depreciation allowed to the deceased, the judgment ruled in favor of the assessee, stating that such depreciation cannot reduce the cost of acquisition when the fair market value option is chosen. Case-Laws Income Tax Mon, 28 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15259