(3)If any block of assets ceases to exist for the reason that all the assets in that block are transferred during the tax year, then,––(a)the cost of acquisition of the block of assets shall be the written down value of the block of assets at the beginning of the tax year, as increased by the actual cost of any asset falling within that block of assets, acquired by the assessee during the tax year; and(b)the income received or accruing as a result of such transfer or transfers shall be deemed to be capital gains arising from the transfer of short- term capital assets.
