Law: Income Tax Act, 1922

Section: 10(2)(vi),10(5)

Income tax Act (XI of 1922)--Ss. 10(2)(vi) & 10(5) Written down value Meaning Depreciation allowance Expression "written down value" in S. 10(5) Means (a) actual cost to assessee in case of assets acquired in previous year, and (b) actual cost to assessee less all depreciation allowed to him under Act in case of assets acquired before previous year Assets having been acquired before previous year and depreciation allowed thereon, depreciation. held, to be allowed on written down value as per clause (b) above Allowance being admissible on written down value, instant case being actual cost to assessee less all depreciation allowed thereon, lower Court, held further, acted improperly in directing Income tax Officer to allow depreciation on machinery in question after adding amount of exchange fluctuation in value of assets. I. T. As. Nos. 1537/KB and 1538/KB of 1980-81 I. T. As. Nos. 1431/KB and 1432/KB of 1980-81 ORDER GHULAM MURTAZA KHAN (MEMBER). In these four cross appeals, against the A. A. C's. order, pertaining to the charge years 1977 78 and 1978 79, the assesses appellant's grievance is that the declared trading results should have been accepted and alternatively it contends that the additions maintained, were excessive. The Department, on the other hand, has objected to the reduction allowed in the additions made to the trading accounts in both the years. In the charge year 1978 79, additional objections have been taken against the acceptance of milk powder account and the allowance of depreciation on revalued cost of machinery etc. In view of common objections involved in both the years, all the appeals are being disposed of by the combined order. 3. . . . . . . . . . 4. . . . . . . . . . 5. . . . . . . . . . 6. . . . . . . . . . 7. . . . . . . . . . 8. We now take up the Departmental appeals. In view of the facts discussed and the findings given by us in the assesses appellant's appeal relating to the relevant charge years, the Departmental appeal fail being without merit in respect of silk cloth and powder milk etc. The only other grievance of the Department in the, charge year 1978 79 relates to the claim of depreciation allowed by the learned A.…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492