acquisition for the purpose of Section 48 would be the net worth as computed under the provisions of Section 50B . In view of this legal ... legislature in Section 48 , thus, itself shows that it never intended negative cost of acquisition. Since "net wroth" in Section 50B is deemed
this regard we have to consider
the scope of Section 50 and Section 50B of the Act. In our view
assessee's claim ... Sections 48
and 49 net worth has to be computed in terms of explanation 1 of
the said Section. The capital gain under Section 50B
placed heavy reliance on the amended provisions of section 50(1) and (2) and section 50B and argued that neither the Income Tax Officer ... facts of this case.
17. Regarding the provisions contained in section 50B , his submission was that the provisions are declaratory in nature because the provisions
Appeals) in working out the taxable short-term capital gain under Section 50B of the Income ... slump sale in view of the provisions contained under Section 50B of the Income Tax Act. The assessee submitted the following reply:
The assessee-company
said decision being also
rendered in the context of section 50B , which stood also considered, the matter would
require being referred to a larger bench ... business activity as a whole. Section 2(14),
defining capital asset, does not override section 50B, which prescribes the mode and
manner of computing
findings of learned CIT(A), has emphatically contended that neither Section 50 nor Section 50B is attracted to the transaction of the assessee. Learned Departmental ... case of the assessee, neither Section 50(2) nor the amended provisions of Section 50B of IT Act are attracted are as under:
(i) From
business activity.
9.Combined reading of all the three sections reveal that the Section 50B of Act is the only
provision which provides for computation ... Gear Mfg. Co. matters deal with Sec. 41(2) and both the sections - Sec.41(2) and Sec.50B -
operate in different fields. Sec.50B
acquisition and cost of improvement for section 48 and section 49 of the
Act. As per section 50B , no indexation benefit is available on cost ... acquisition and cost of improvement for section 48
and section 49 of the Act. As per section 50B , no indexation benefit is
available on cost
this regard we have to
consider the scope of Section 50 and Section 50B of the Act. In our view
assessee's claim ... Sections 48 and 49 net worth has to be computed in terms of explanation 1 of
the said Section. The capital gain under Section 50B
acquisition and cost of
improvement for section 48 and section 49 of the Act. As per section 50B ,
no indexation benefit is available on cost ... acquisition and cost of improvement for section 48 and section 49 of the
Act. As per section 50B , no indexation benefit is available on cost
