High Court of Bombay rules in Revenue's favor on asset value adjustments under Income-tax Act

The High Court of Bombay ruled in favor of the Revenue in a case concerning adjustments in the actual cost/written down value of assets under the Income-tax Act, 1961. Each party was directed to bear their own costs.

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The High Court of Bombay, in a judgment delivered by Judges S. K. Desai and D. M. Rege, answered a question referred by the Income-tax Appellate Tribunal regarding adjustments in actual cost/written down value of assets under the Income-tax Act, 1961. The court relied on a previous decision and ruled in favor of the Revenue. Each party was directed to bear their own costs. (Case citation: 1981 (8) TMI 15 - BOMBAY High Court)

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