Tribunal held that merely because the seller agreed to pay and discharge the outstanding dues and liabilities in respect of the share in the premises, it did not mean that the assessee had not transferred or sold the property during the previous year relevant to the assessment year 2013-14. Depreciation was allowable to the assessee on the written down value which is defined under section 43(6). According to section 43(6)(c)(i)(b) the block of the assets is to be reduced by the monies payable in respect of any asset falling within that block which is sold or discarded or demolished or destroyed during the previous year. Therefore, the written down value of the block of the asset should be reduced by the sum received for the immovable property. The provisions of section 50C could not be incorporated in the computation of block of the assets for the simple reason that it only substitutes the “full value of the consideration received or accruing as a result of transfer for the purposes of section 48” only. Therefore, the Assessing Officer was to reduce the written down value of the asset only by Rs. 2 crores, which had been received by the assessee on sale of the property instead of the stamp duty value of the property. On the written down value the assessee would be entitled to the depreciation at 10 per cent. amounting to Rs.15,19,729. The assessee had claimed depreciation of Rs. 35,19,729 and therefore the difference of the depreciation excess claimed by the assessee was Rs. 20 lakhs instead of Rs. 29,63,061. Thus, the excess depreciation disallowance of Rs. 20 lakhs was confirmed. ( AY.2013-14)