For Depreciation ,Actual Sale Price Should be Reduced , Not Stamp Duty Valuation

The rule of market value as per stamp duty authority valuation was being applied to determine depreciation.This issue reached  Mumbai high Court in  CIT vs Cable Corporation of India Ltd [2011] 336 ITR 56 vide an appeal by Income Tax Department against order of ITAT. Fact of the Depreciation  Case The assessee had sold a [...]