Law:

Section:

Section 32 of the Income-tax Act, 1961 - Depreciation - Allowance/rate of - Assessment year 1983-84 - Whether depreciation on plant and machinery which was revised with effect from 2-4-1983 would not affect applicability of rates which prevailed as on 1-4-1983 for assessment year 1983-84 as it is well-settled that law to be applied for purpose of assessment is law in force as on first day of relevant assessment year - Held, yes T.C.A. Ramanujam for the Applicant. JUDGMENT R. Jayasimha Babu, J. - The question referred to us is,- "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the provisions of the amended rule 5 which came into force on April 2, 1983, would be applicable to the assessment year 1983-84 also and the assessee would be entitled to the enhanced depreciation as provided in the said amended rules?" 2. The assessment year is 1983-84.…

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