https://www.taxtmi.com/caselaws?id=289915 Capital gains taxation under the 1947 amendment was upheld as valid, following the Supreme Court's ruling in Navinchandra Mafatlal, so the challenge to the provision failed. In computing capital gains under Section 12-B, the written down value had to be determined under Section 10(5): for assets acquired in the previous year, initial depreciation under Section 10(2)(vi) was not deductible and Rs. 11,506 was excluded; for assets acquired before the previous year, all depreciation actually allowed had to be deducted and Rs. 25,970 was included. The exclusion in Section 10(2)(vi) operated only for that clause's computation and did not govern Section 12-B. en-us Mon, 04 Apr 1955 00:00:00 +0530 Sat, 29 Aug 2020 17:27:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289915 Capital gains taxation under the 1947 amendment was upheld as valid, following the Supreme Court's ruling in Navinchandra Mafatlal, so the challenge to the provision failed. In computing capital gains under Section 12-B, the written down value had to be determined under Section 10(5): for assets acquired in the previous year, initial depreciation under Section 10(2)(vi) was not deductible and Rs. 11,506 was excluded; for assets acquired before the previous year, all depreciation actually allowed had to be deducted and Rs. 25,970 was included. The exclusion in Section 10(2)(vi) operated only for that clause's computation and did not govern Section 12-B. Case-Laws Income Tax Mon, 04 Apr 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289915