India - Income Tax Act 2010 - Saarc

S. 50B I.T. ACT, 1961 1.318tax Act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject tothe following modifications :—(1) where the full value of the consideration received or accruing as aresult of the transfer of the asset together with the full value of suchconsideration received or accruing as a result of the transfer of anyother capital asset falling within the block of the assets during theprevious year, exceeds the aggregate of the following amounts,namely :—(i) expenditure incurred wholly and exclusively in connection withsuch transfer or transfers;(ii) the written down value of the block of assets at the beginning ofthe previous year; and(iii) the actual cost of any asset falling within the block of assetsacquired during the previous year,such excess shall be deemed to be the capital gains arising from thetransfer of short-term capital assets;(2) where any block of assets ceases to exist as such, for the reason thatall the assets in that block are transferred during the previous year,the cost of acquisition of the block of assets shall be the written downvalue of the block of assets at the beginning of the previous year, asincreased by the actual cost of any asset falling within that block ofassets, acquired by the assessee during the previous year and theincome received or accruing as a result of such transfer or transfersshall be deemed to be the capital gains arising from the transfer ofshort-term capital assets.]47[Special provision for cost of acquisition in case of depreciable asset.50A. Where the capital asset is an asset in respect of which a deduction onaccount of depreciation under clause (i) of sub-section (1) of section 32 hasbeen obtained by the assessee in any previous year, the provisions of sections 48and 49 shall apply subject to the modification that the written down value, asdefined in clause (6) of section 43, of the asset, as adjusted, shall be taken as thecost of acquisition of the asset.]48[Special provision for computation of capital gains in case of slump sale.50B. (1) Any profits or gains arising from the slump sale effected in the previousyear shall be chargeable to income-tax as capital gains arising from thetransfer of long-term capital assets and shall be deemed to be the income of theprevious year in which the transfer took place :Provided that any profits or gains arising from the transfer under the slump saleof any capital asset being one or more undertakings owned and held by anassessee for not more than thirty-six months immediately preceding the date of47. Inserted by the Finance (No. 2) Act, 1998, w.r.e.f. 1-4-1998.48. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000.