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2013 (8) TMI 834 - AT - Income TaxApplicability of Section 50C - Transfer of capital assets - A.O. computed capital gain u/s 50C - CIT confirmed computation by A.O. - Held that:- If the AO was to invoke the provisions of Sec. 50C, then A.O. should have first referred the matter to the Valuation Officer - CIT(A) has erred in not asking the AO to refer the matter for valuation - Decided in favour of assessee. Set off of brought forward unabsorbed depreciation - Held that:- current year's depreciation is to be allowed as set off from the Long term capital gains and brought forward depreciation is to be treated as current year's depreciation as per the legal fiction of Sec. 32(2) of the Act, the same is also be allowed to be set off from the long-term capital gains - Following decision of Suresh Industries (P) Ltd. Vs ACIT [2012 (11) TMI 674 - ITAT MUMBAI] - Decided in favour of assessee.
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