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2017 (8) TMI 179 - AT - Income TaxDepreciation clubbing of the two block of assets - Computation of short term capital gains u/s 50(1) - A.O. calculated short term capital gain on sale of plant and machinery @ 60% and plant and machinery @ 15% - as per assessee rate of depreciation on plant and machinery and motor cars are same (i.e. 15%) thus clubbing of the two block of assets is correct - Held that:- Be it stated that a “block of assets” includes assets of all units of the assessee having the same rate of depreciation and not assets of only one unit. Block 5 on Plant machinery – Any plant or machinery (not covered by Block 6, 7, 8, 9, 10, 11 & 12) and motor cars (other than those used in a business of running them on hire) acquired or put to use on or after April 1, 1990 says rate @ 15% We find that the issue in the instant case is covered by the judgment by the Hon'ble Delhi High Court in Ansal Properties and Infrastructure Ltd. (2012 (4) TMI 469 - DELHI HIGH COURT) and M/s Filmkarft Productions (I) Ltd. (2015 (7) TMI 1193 - ITAT MUMBAI). We follow the above decisions and allow the appeal filed by the assessee.
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