https://www.taxtmi.com/caselaws?id=39771 The court dismissed the petition in Special Civil Application No. 103 of 1972, ruling against the petitioner-company's challenge to the assessment of capital gains tax. The court held that the market value as of January 1, 1954, could not be substituted as the cost of acquisition for the building and machinery. Additionally, the classification of depreciable assets under Section 50 of the Income-tax Act, 1961, was deemed reasonable and not violative of Article 14 of the Constitution. The petitioner-company was directed to pay the costs of the reference to the Commissioner of Income-tax. en-us Fri, 14 Sep 1973 00:00:00 +0530 Tue, 20 Apr 2010 12:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39771 The court dismissed the petition in Special Civil Application No. 103 of 1972, ruling against the petitioner-company's challenge to the assessment of capital gains tax. The court held that the market value as of January 1, 1954, could not be substituted as the cost of acquisition for the building and machinery. Additionally, the classification of depreciable assets under Section 50 of the Income-tax Act, 1961, was deemed reasonable and not violative of Article 14 of the Constitution. The petitioner-company was directed to pay the costs of the reference to the Commissioner of Income-tax. Case-Laws Income Tax Fri, 14 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39771