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2011 (6) TMI 233 - HC - Income TaxDepreciation - When an asset is sold, section 43(6)(c)(i)(B) of the Act provides that the written down value of the block of assets shall be reduced by "moneys payable" in respect of the asset that is sold - As rightly observed by the Income-tax Appellate Tribunal, the Legislature in section 43(6)(c)(i)(B) has used a different connotation in respect of sale of assets and sale of scrap - written down value of the block of assets is to be reduced by the amount at which the asset is actually sold, whereas, in the case of sale of scrap, the value of the scrap, meaning thereby, the fair market value of the scrap and not the price at which the scrap is sold should be reduced from the written down value of the block of assets - Decided in favor of the assessee
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