Section 50C applicable on sale value of depreciable asset

assessee company has sold the property and shown sale consideration at Rs.30 lakh whereas the stamp duty value of the property Rs.1,42,83,000/- and accordingly the Assessee arrived at loss of Rs.44,87,519/- on sale of the residential property. While passing the order u/s.143(3), the AO has not uttered a single word with regard to applicability of provisions of Section 50C in respect of building sold by assessee to its Managing Director. The provisions of the Section 50C are applicable in the case of transfer of land and building including depreciable capital asset. The provision of section 50C...