Capital gain on depreciable asset in a complex manner

Query : WDV as per Companies Act : 450000.
        WDV as per Income Tax Act : 275000.
 Now , in Current year the Company transferred the said block to Stores & Consumbales at 4,50,000.
My Query : 1. What will be treatment in companies act as well as income Tax act.
            2. Whether STCG  shall arise because the block ceases to exist.
            3. Which provision of IT  Act shall apply ie, Conversion of Capital Asset into Stock in Trade or SEC 50relating to capital gain in respect of depreciable asset.
            4. IF sec 50 applies what value to be taken as Sale Consideration : 450000 or FMV on date of conversion.