An assessee (Company) owned only Building, which was sold during F Y 2009-10 for Rs. 3 lacs. The Premises was purchase in F Y 2008-09 for Rs 2 Lacs The premiese was used for purpose of business. The assessee has claimed depreciation on the said Premises in the earlier years. The market value of the said shop on date of sale as assessed by stamp valuation officer is Rs. 7 lacs.
a) Is section 50 or Section 50C or both will attracted? Please provide me the judgement No if you have in support of the same.
b) The Sales Consideration would be Rs 3 Lacs or Rs 7 Lacs?.
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