TMI Blog2010 (1) TMI 1247X X X X Extracts X X X X X X X X Extracts X X X X ..... Order dated 16-1-2009 passed by the CIT(A)-VI, Mumbai and it pertains to the assessment year 2004-2005. The only ground urged by the Revenue reads as under : On the facts and in the circumstances of the case and in law, the learned CIT(A) was not correct in not holding that the provisions of section 50C could not applied in a case where the provisions of section 50 were applicable, ignoring ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned thereon has to be treated as business income. Accordingly, deduction under section 24 was disallowed. 3. It was further found, that assessee sold the premises at 405, Commerce House, which falls in the block of assets on which depreciation is allowable @ 10%. As per the agreement the sale consideration is only ₹ 9 lakhs. However, since the said property is a depreciable asset fall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alue realized in respect of depreciable assets has to be reduced from the block of assets and not the artificial value on the land portion in respect of the impugned premises, particularly when no such value was available in their sale agreements. The Assessing Officer was directed to rework the depreciation accordingly. 6. Aggrieved, Revenue is in appeal before us. At the time of hearing, lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will be same as provided by Explanation below section 41(4). This Explanation, in turn, refers to the price at which it is sold . It is thus clear that there no occasion to adopt the fair market value for this purpose. What really matters is the price at which the asset is sold. As regards the judgment of Hon ble Madras High Court, in the case of Departmental Representative, we find that this dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We approve the stand of the CIT(A) and decline to interfere in the matter. Learned Counsel, therefore submitted that the Assessing Officer has no justification in taking into consideration the assumed market value for the purpose of reducing the same from the block of assets. 7. On the other hand, learned D.R. strongly relied upon the Order of the Assessing Officer. 8. We have carefull ..... X X X X Extracts X X X X X X X X Extracts X X X X
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