2010 (1) TMI 1247

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....hat the provisions of section 50C could not applied in a case where the provisions of section 50 were applicable, ignoring the fact that the provisions of section 50 are only with respect to computation of gain on depreciable assets and the provisions of section 50C is specific regarding the value of consideration to be adopted when the value of asset received is less than the value adopted or assessed by the stamp duty authorities." 2. The assessee is engaged in the business of purchase and sale of petroleum products, besides transport business. Assessee had also declared house property income of Rs. 12,50,583/- in respect of his Goregaon property. As against the gross rent received, assessee deducted municipal taxes etc., under section....

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.... respect of the impugned premises, particularly when no such value was available in their sale agreements. The Assessing Officer was directed to rework the depreciation accordingly. 6. Aggrieved, Revenue is in appeal before us. At the time of hearing, learned Counsel placed reliance upon the latest decision of the ITAT 'E' Bench, Mumbai in the case of DCIT vs. Cable Corporation of India Limited ITA. No.5592/Mum/2002 dated 29-10-2009 wherein the Bench held that artificial value should not be taken into consideration for the purpose of reduction from the block of assets. In this regard, the Bench observed in para 6 as under : "Having heard the rival contentions and having perused the record, we are not inclined to disturb well rea....