Supreme Court · 1997 INSC 585 · Decided 30 July 1997
The Commonwealth Trust LTD. Calicut, Kerala v. The Commissioner of Income Tax, Kerala Ii, Ernakulam
- Court
- Supreme Court of India
- Citation
- 1997 INSC 585 · [1997] SUPP. 3 S.C.R. 179
- Case number
- CIVIL APPEAL No. 2978/1982
- Decided
- 30 July 1997
- Bench
- S.C. AGRAWAL, D.P. WADHWA (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 55(2)(i), 40(a)(v), 48
Headnote
Income Tax Act, 1961. B Sections 32(1)(iii), 41(2), 43(6), 45, 48, 49, 50 and 55-Capital C gailr-Depreciable capita/asset acquired before January, 1, 1954--Sale of said capital asset after January 1, 1954--Assessee availing depreciation allowance before the transfer of capital asset-Computation of shall have to be determined in tenns of the provisions of Section 50 read with Section 48-Assessee cannot avail the fair market value D of the asset as on Janumy 1, 1954-Section 50( 1) has no dependence on the provisions of Section 55(2)-If assessee not availing qepreciation allowance in
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