https://www.taxtmi.com/caselaws?id=29119 The Tribunal interpreted sections 48, 49, and 50 of the Income-tax Act, 1961, determining that the cost of acquisition for computing capital gains should be the cost at which the previous owner acquired the asset. Depreciation obtained by the firm cannot be considered as depreciation obtained by the assessee. The Tribunal's decision favored the assessee, directing the ITO to recalculate the capital gains accordingly, with each party bearing their own costs. en-us Tue, 13 Jul 1982 00:00:00 +0530 Thu, 11 Mar 2010 10:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29119 The Tribunal interpreted sections 48, 49, and 50 of the Income-tax Act, 1961, determining that the cost of acquisition for computing capital gains should be the cost at which the previous owner acquired the asset. Depreciation obtained by the firm cannot be considered as depreciation obtained by the assessee. The Tribunal's decision favored the assessee, directing the ITO to recalculate the capital gains accordingly, with each party bearing their own costs. Case-Laws Income Tax Tue, 13 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29119