https://www.taxtmi.com/caselaws?id=65942 The enhanced depreciation rate notified on 24-7-1980 applied to assessment year 1980-81 because income-tax law generally operates as it stands in the assessment year, but that rule yields where contrary intention appears. The notification said the amended rate would come into force "at once", depreciation under rule 5 is tied to use of the asset during the previous year, and the object was to grant immediate relief to the transport industry. The availability of retrospective effect under section 295(4) of the Direct Taxes (Amendment) Act, 1974 also supported application of the amended 40 per cent rate for the relevant year. en-us Sat, 29 Jan 1983 00:00:00 +0530 Sat, 19 Feb 2011 13:43:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65942 The enhanced depreciation rate notified on 24-7-1980 applied to assessment year 1980-81 because income-tax law generally operates as it stands in the assessment year, but that rule yields where contrary intention appears. The notification said the amended rate would come into force "at once", depreciation under rule 5 is tied to use of the asset during the previous year, and the object was to grant immediate relief to the transport industry. The availability of retrospective effect under section 295(4) of the Direct Taxes (Amendment) Act, 1974 also supported application of the amended 40 per cent rate for the relevant year. Case-Laws Income Tax Sat, 29 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65942