Section 50C applies to immovable depreciable assets – ITAT Mumbai

Recently ITAT Mumbai in the case of ITO Vs. United Marine Academy (Mumbai ITAT) held that  Assessing Officer thus was right in applying the provision of section 50C to the transfer of depreciable capital assets covered by section 50 and in computing the capital gain arising from the said transfer by adopting the stamp duty valuation. There are two deeming fictions created in section 50 and section 50C. The first deeming fiction modifies the term ‘cost of acquisition’ used in section 48 for the purpose of computing the capital gains arising from transfer of depreciable assets whereas the d...