SECTION 50 OF INCOME TAX

	Section 50 would not be applicable to capital assets, if depreciation thereon was never allowed to the assessee
	If the assessee had not claimed depreciation on any capital asset, which was not in use, he could not be burdened with the provisions of section 50. As the basic requirement for the applicability of section 50 is that the assets should form part of the block of assets in respect of which depreciation had been allowed under the Act. In the absence of any depreciation being allowed to the assessee in the any of the previous years, deeming provisions of section 50 cannot be invoked - CIT v. SANTOSH STRUCTURAL & ALLOYS LTD. [2012] (Punj. & Har.)