Commonwealth Trust Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1997-07-30 AY: 1971-72 Section: 40(a)(v), 48, 49, 50(1), 55(2) Acts: Income Tax Act 1961 Result: Revenue Citation: (1997) 142 CTR (SC) 214 : (1997) 228 ITR 1 (SC) : (1997) 94 TAXMAN 137 Justices: S.C. Agrawal & D.P. Wadhwa, JJ. Appeal No: Civil Appeal Nos. 2978 & 2979 of 1982*
Whether an assessee owning depreciable assets acquired before 1st January 1954 can opt for fair market value as on that date under section 55(2)(i) for capital gains computation, instead of written down value under section 50(1) --- Held No.

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