Tax Assessment: Court Rules on Asset Valuation Method

The High Court of Bombay held that 'written down value' and 'actual cost' of assets should be determined as per the Indian Income-tax Act, 1922, and not the Income-tax Act, 1961, for assessment years 1970-71 and 1971-72, ruling in favor of the Revenue based on precedent.

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The High Court of Bombay in 1988 held that the 'written down value' and 'actual cost' of assets should be determined as per the Indian Income-tax Act, 1922, and not the Income-tax Act, 1961, for assessment years 1970-71 and 1971-72. The decision was based on a previous case and ruled in favor of the Revenue.

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