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<h1>High Court allows assessee to claim depreciation if SC overturns ruling but rules in favor of Revenue on depreciation. Assessee wins on development rebate due to retrospective amendment.</h1> The High Court of Bombay ruled in favor of the Revenue regarding depreciation but allowed the assessee to claim depreciation if the decision was ... Carry Forward And Set Off, Depreciation, Developement Rebate, Plant The High Court of Bombay addressed two questions of law under the Income-tax Act, 1961 regarding depreciation and development rebate. The first question was answered in favor of the Revenue, but the assessee would be entitled to depreciation if the court's judgment was eventually reversed by the Supreme Court. The second question was answered in favor of the assessee due to a retrospective amendment by the Finance Act, 1990.
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