Eximpulse Blog Income tax - Whether Sec 50C will have any application when WDV is computed in terms of Sec 43(6) - NO: ITAT

THE issue before the Bench is - Whether Sec 50C will have any application if WDV is computed in terms of Sec 43(6). And the verdict favours the assessee. Facts of the case The assessee concern is a cotton merchant, whose business is seasonal in nature. It had incurred certain direct nature expenditures, which were