https://www.taxtmi.com/caselaws?id=407124 The ITAT allowed the appeal, setting aside the disallowance of depreciation based on stamp value under Section 50C. The ITAT emphasized the correct application of depreciation rules under the Income Tax Act, stating that the written down value should be adjusted based on the actual sale price, not fair market value. The ITAT disagreed with lower authorities' interpretation, allowing the claim of depreciation of Rs. 2,07,226. en-us Mon, 15 Mar 2021 00:00:00 +0530 Sat, 01 May 2021 09:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407124 The ITAT allowed the appeal, setting aside the disallowance of depreciation based on stamp value under Section 50C. The ITAT emphasized the correct application of depreciation rules under the Income Tax Act, stating that the written down value should be adjusted based on the actual sale price, not fair market value. The ITAT disagreed with lower authorities' interpretation, allowing the claim of depreciation of Rs. 2,07,226. Case-Laws Income Tax Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407124