“……There is no dispute that even after the transfer of the said assets the assessee was still having balance in the block of assets of plant and machinery. Therefore the conditions as stipulated under Section 50 of the Act have not been satisfied so that any capital gain arising in the hand of the assessee can be deemed as per the provisions of Section 50 of the Act. ……….”

ITAT Banglore Bench in Makino India (P.) Ltd. [2017] 86 taxmann.com 139 (Bangalore – Trib.)