2011 (6) TMI 233

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he appeal is admitted on the following question of law : "Whether on the facts and in the circumstances of the case and in law the Tribunal was right in holding that for the purpose of calculating depreciation allowable to a block of fixed assets, only the apparent consideration for which the flat was sold should be reduced from the block of fixed assets being Rs. 9 lakhs even though the fair m....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... while calculating the depreciation allowable to the assessee. 5. On further appeal, the Income-tax Appellate Tribunal by the impugned order dated October 29, 2009 dismissed the Department's appeal. Hence the Revenue has filed the present appeal under section 260A of the Income-tax Act, 1961. 6. When an asset is sold, section 43(6)(c)(i)(B) of the Act provides that the written down value of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s rightly observed by the Income-tax Appellate Tribunal, the Legislature in section 43(6)(c)(i)(B) has used a different connotation in respect of sale of assets and sale of scrap. As per that section on sale of an asset, the written down value of the block of assets is to be reduced by the amount at which the asset is actually sold, whereas, in the case of sale of scrap, the value of the scrap, me....