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SATISH CHANDRA, K. C. AGRAWAL
Prime Products Pvt. Ltd. – Appellant
Versus
Commissioner Of Income-Tax – Respondent
Satish Chandra, C.J.
1. THE two questions referred for our opinion in R.A. No. 206 of 1974-75 raise the question whether for determining capital gains, an assessee is entitled to rely on the written down value of an asset and not the fair market value of the asset as on January 1, 1954, while determining the cost of its acquisition. This question has been specifically answered in CIT v. Upper Doab Sugar Mills [1979] 116 ITR 240 (All) by holding that, firstly, Section 55(2) of the I.T Act does not apply or prevail over Section 50 and that in cases where assets have not been acquired in any of the modes mentioned in Section 48 of the Act, the option was not available and the written down value and not the fair market value of the asset has to be taken as the cost of acquisition. This decision is applicable on all fours. We, therefore, have no hesitation in answering both the questions in the affirmative, in favour of the department and against the assessee.
2. IN R.A. No. 207(Alld.) of 1974-75, the Tribunal has referred the following question of law.
"Whether, on the facts and in the circumstances of the case and on a perusal of the assessment order dated February 28, 1973, wh
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