Sale of a depreciable asset in respect of which depreciation was allowed to assessee should always be treated as short term capital gains by virtue of operations of sections 50, 50A and 50B

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2. The facts leading to the controversy are the following. The respondent-assessee is a firm which was engaged in business with principal place of business at Kochi and a Branch at Mumbai. The assessee purchased a flat at a cost of Rs. 95,000/ in Mumbai for business purposes in the financial year ending on 31.31974. Since purchase of the flat, it was used as Branch Office of the assessee at Mumbai and on the capitalised cost of the building at

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