Law:

Section:

Section 32 of the Income-tax Act, 1961 - Depreciation - Allowance/rate of - Assessment year 1980-81 - Whether law as stands on first day of assessment year is applicable unless and until any amendment made in Act or notification issued therein is specifically made applicable from an anterior date - Held, yes - Whether Notification dated 24-7-1980 providing for higher depreciation at rate of 40 per cent on truck used on hire would not apply for assessment year 1980-81 and, therefore, Tribunal erred in grantinghigher depreciation to assessee for said year on basis of said notification - Held, yes A.N. Mahajan for the Applicant. JUDGMENT 1. The Income Tax Appellate Tribunal, Allahabad has referred the following questions of law under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as the Act, for opinion to this Court: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is entitled to depreciation on truck @ 40 per cent as against 30 per cent allowed by the ITO and upheld by the AAC. 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the notification dated 24-7-1980 is applicable for the assessment year 1980-81, when the relevant previous year expired before the issue of saidnotification?" 2. Briefly stated the facts giving rise to the present reference are asfollows:- The present reference relates to the Assessment Year 1980-81, the previous year which ended on 31st March, 1980. The respondent-assessee claimed depreciation @ 40 per cent on truck used on hire.…

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