https://www.taxtmi.com/caselaws?id=37829 The High Court ruled in favor of the department, holding that Section 50 governed the computation of capital gains for depreciable assets, rejecting the application of Section 55(2) in this context. The Court emphasized the mandatory nature of Section 50 and its specific modifications, indicating its precedence over Section 55(2) as a special provision for depreciable assets. The judgment underscored the importance of strict adherence to the language of the taxing statute without room for interpretation or equity considerations, citing a similar decision by the Gujarat High Court. en-us Wed, 25 Jan 1978 00:00:00 +0530 Thu, 01 Apr 2010 12:45:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37829 The High Court ruled in favor of the department, holding that Section 50 governed the computation of capital gains for depreciable assets, rejecting the application of Section 55(2) in this context. The Court emphasized the mandatory nature of Section 50 and its specific modifications, indicating its precedence over Section 55(2) as a special provision for depreciable assets. The judgment underscored the importance of strict adherence to the language of the taxing statute without room for interpretation or equity considerations, citing a similar decision by the Gujarat High Court. Case-Laws Income Tax Wed, 25 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37829