AO couldn’t allow notional depreciation while computing capital gains on sale of seized assets by ba

IT: Where assets of assessee were seized by bank as a result of default in repayment of loan, assessee not being in possession of assets, it could not be said that seized assets were kept in a state of readiness and, therefore, while computing capital gain on subsequent sale of those assets carried out by bank directly, Assessing Officer was not justified in allowing notional depreciation in terms of Explanation 5 to section 32