TMI Blog2011 (6) TMI 233X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, the appeal is taken up for final hearing. 3. In the present case, the assessee had sold a flat for Rs. 9,00,000. In the course of the assessment proceedings, the Assessing Officer called for the valuation of the said flat from the Departmental Valuation Officer, who determined the fair market value of the flat at Rs. 66,44,902. The Assessing Officer reduced the amount of Rs. 66,44,902 from th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able" as per Explanation 4 to section 43(6) shall have the meaning as in the Explanation below sub-section (4) of section 41. 7. As per Explanation below section 41(4) the expression "moneys payable" in relation to the sale of a building, machinery, plant or furniture would be the price for which it is sold and not the fair market value of the asset. Therefore, on a plain reading of the above pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ritten down value of the block of assets. 9. In our opinion, the interpretation adopted by the Income-tax Appellate Tribunal is in accordance with law and no fault can be found with the decision of the Tribunal. In the result, the question of law raised in this appeal is answered in the affirmative i.e. in favour of the assessee and against the Revenue. 10. The appeal is disposed of accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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