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<h1>Pre-1961 Asset Valuation: Bombay High Court Rules on Income-tax Act Provisions</h1> <h3>Commissioner of Income-tax Versus Lonawalla Khandalla Electric Supply Co. Ltd.</h3> The High Court of Bombay held that the written down value and actual cost of assets acquired before 1-4-1961 should be determined according to the ... - The High Court of Bombay held that the written down value and actual cost of assets acquired before 1-4-1961 should be determined according to the provisions of the Income-tax Act, 1961, not the Indian Income-tax Act, 1922. The decision was based on a previous case and the parties were directed to bear their own costs.