Section 50 Deemed Capital Gain

Yes, u can tax it under sec.50, provided the asset which u purchased is of the same block as that of the asset which u sold

I m sorry for my wordings above. I have missed NOT in the statement there. ie) THE ASSET PURCHASED SHOULD NOT BE OF THE SAME BLOCK AS THAT OF THE ASSET SOLD, ie, there should not be any asset available in the block of assets which have been sold

on sale of any assets section 50 shall be attracted only

if due to such sale (i.e. on reducing sale amount from block ) as on 31st march of that year (not on date of sale )

1. the block of assets  cease to exist
2. or the value of block becomes zero or negative
3.  or both (1) and (2)

Note 1 Since this amount is not negative and assets exist in block,  sec 50 not attracted

Note 2  Since assets used for less then 180 days during the PY and purchase during  the same year , only 50% of depreciation is allowable .

ASSUMPTION NOTE : It has been assumed that the assets is not eligible for addition al depreciation so it is not provided for. 

* Assumed rate of depreciation on the machinery is 15% .

i agree with manmohan