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2008 (9) TMI 17 - HC - Income TaxAO disallowed 50% of the depreciation allowance on the ground that the assets had been entered in accounts after 30.09.1997 – as per challan & confirmation certificates, assets were transferred to the assessee on 1.4.1997 - fact of the entry of the transaction in accounts is not relevant – hence 100% depreciation is allowable – if assets were available in the “block of assets” at the end of the previous year, Section 50 (2) will not be applicable – no capital gains - revenue appeal dismissed
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