Section 50 of Income-Tax Act, 1961

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Section 50 of Income-Tax Act, 1961 deals with Special provision for computation of capital gains in case of depreciable assets.

Recent / Related Cases

  • Provision of [Section 50C of Income-Tax Act, 1961|section 50C]] is applicable to transfer of depreciable capital assets covered by section 50
    • There is no exclusion of applicability of one fiction in a case where other fiction is applicable; as a matter of fact, there is no conflict between these two legal fictions which operate in different fields and their application in a given case simultaneously does not result in imposition of supposition on other supposition of law [Section 50C of the Income-tax Act, 1961 - Capital gains - Special provision for full value of consideration in certain cases]
      • There are two deeming fictions created in section 50 and section 50C; the first deeming fiction modifies the term ‘cost of acquisition’ used in section 48 for the purpose of computing the capital gains arising from transfer of depreciable assets whereas the deeming fiction created in section 50C modifies the term "full value of the consideration received or accruing as a result of transfer of the capital asset" used in section 48 for the purpose of computing the capital gains arising from the transfer of capital asset being land or building or both; the deeming fiction created in section 50C thus operates in a specific field which is different from the field in which section 50 is applicable - [2011] 10-320 (Mum. - ITAT)(SB)

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