Benefit of indexation not available on depreciable Assets

High Court of Madras M. Raghavan Vs. Assistant Commissioner of Income Tax R. JAYASIMHA BABU AND S.R. SINGHARAVELU, JJ. TAX CASE NO. 350 OF 2001 DECEMBER 10, 2003 Judgment R. Jayasimha Babu, J. – The assessment year is 1994-95. 2. The assessee who is a senior advocate, sold 371 volumes of books, all of which except 14 volumes, had been purchased between 1984 and 1988 and the remaining 14 between 1988 and 1993, for a sum of Rs. 1,25,000. Out of that, a sum of Rs. 15,500 was paid as commission to the bookseller. 3. The assessee claimed that the balance of Rs. 1,09,500 w...