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Gain from sale of asset was to be taxed u/s 50, though it wasn’t used for business purpose for several years

October 12, 2017[2017] 86 175 (Bombay)

IT : Where an asset for many years ceased to be used for purpose of business, it still forms part of block of assets because at some point of time in past it was used for purpose of business and depreciation was also allowed in past. Thus, profit earned on sale of said asset would be taxed under section 50

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