https://www.taxtmi.com/caselaws?id=29579 The court held that the assessee was not entitled to opt for the fair market value as of 1st January, 1954, as the cost of acquisition for depreciable assets sold during the assessment year 1962-63. Section 50 of the Income-tax Act, 1961, was deemed a special provision that prevails over the general definitions in section 55(2)(i). Therefore, the Tribunal's decision was upheld in favor of the revenue, with each party bearing its own costs. Sudhindra Mohan Guha J. concurred with the judgment. en-us Thu, 04 Dec 1980 00:00:00 +0530 Sat, 13 Mar 2010 17:57:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29579 The court held that the assessee was not entitled to opt for the fair market value as of 1st January, 1954, as the cost of acquisition for depreciable assets sold during the assessment year 1962-63. Section 50 of the Income-tax Act, 1961, was deemed a special provision that prevails over the general definitions in section 55(2)(i). Therefore, the Tribunal's decision was upheld in favor of the revenue, with each party bearing its own costs. Sudhindra Mohan Guha J. concurred with the judgment. Case-Laws Income Tax Thu, 04 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29579