Deeming fiction of section 50C not extended while working WDV to claim depreciation on block of asset

Jewelex India Private Limited Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that deeming fiction of section 50C cannot be extended while working out the written down value [WDV] for the purpose of claiming depreciation on the block of asset. In other words, legal fiction for substantiating the sale consideration by the Stamp Duty Value created under either section 50 or section 43CA cannot be extended to section 32 for claiming depreciation on the block of the asset. Thus, order set aside.

Facts- Assessee has preferred the present appeal. It is mainly contested th

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