Supreme Court of India
The Commonwealth Trust Ltd. Calicut, Kerala v. The Commissioner of Income Tax, Kerala Ii, Ernakulam
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From the headnote
Income Tax Act, 1961. Sections 32(1)(iii), 41(2), 43(6), 45, 48, 49, 50 and 55-Capital 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 cost of acquisition-Held, cost of acquisition shall have to be determined in tenns of the provisions of Section 50 read with Section 48-Assessee cannot avail the fair market value of the asset as on Janumy 1, 1954-Section 50( 1) has no dependence on the provisions of Section 55(2)-If assessee not…
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