https://www.taxtmi.com/caselaws?id=30807 Depreciation on assets transferred from a partnership firm depended on when the assets were put to use, not on when the accounting entry was recorded; where the evidence showed transfer and use from 01.04.1997, 100% depreciation was available and the disallowance failed. On capital gains, section 50(2) applied only if the entire block of assets was transferred during the previous year so that the block ceased to exist at year-end; a temporary nil balance during the year was insufficient. On that construction, no short-term capital gains arose where the block subsisted at the close of the year. en-us Tue, 16 Sep 2008 00:00:00 +0530 Fri, 05 Jun 2026 13:43:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30807 Depreciation on assets transferred from a partnership firm depended on when the assets were put to use, not on when the accounting entry was recorded; where the evidence showed transfer and use from 01.04.1997, 100% depreciation was available and the disallowance failed. On capital gains, section 50(2) applied only if the entire block of assets was transferred during the previous year so that the block ceased to exist at year-end; a temporary nil balance during the year was insufficient. On that construction, no short-term capital gains arose where the block subsisted at the close of the year. Case-Laws Income Tax Tue, 16 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30807