Law:

Section:

Section 10(5) of the Indian Income-tax Act, 1922 [corresponding to section 43(6) of the Income-tax Act, 1961] - Written down value - Assessment year 1956-57 - Whether in case of assets acquired before previous year under consideration although depreciation was not then claimed, computation of depreciation had to be made under section 10(5)(b) - Held, yes Facts The assessee acquired certain assets during the previous year relevant to the assessment year 1955-56, but did not claim depreciation on those assets during that year. For the previous year relevant to the assessment year 1956-57, the assessee computed depreciation on the said assets under section 10(5)(b). The Tribunal allowed the assessee's claim. On reference: Held It was true that the assessee had not claimed depreciation for the assessment year 1955-56. That, however, did not mean that the assets were acquired during the previous year under consideration. The assets having been acquired before the previous year relevant to the assessment year 1956-57, depreciation obviously had to be computed under section 10(5)(b ). V.R. Bhatia, S.V. Naik and K.C. Sidhwa for the Applicant. S.E. Dastur and P.J. Pardiwala for the Respondent. JUDGMENT Sugla, J. - The question of law referred to us at the instance of the department is: "Whether, on the facts and in the circumstances of the case, the written down value of the assets in question for the assessment year 1956-57 required to be computed under the provisions of clause (b) of section 10(5) of the Indian Income-tax Act, 1922,…

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