https://www.taxtmi.com/caselaws?id=70053 The Tribunal partly allowed the appeal by upholding the disallowance of depreciation on higher Written Down Value (WDV) of depreciating assets, directing the Assessing Officer to allow 40% depreciation on leased vehicles, and confirming the treatment of caution deposits as trading receipts. The Tribunal emphasized that the legal fiction under section 115J(1) for charging tax on book profit should not extend to affect depreciation calculations. en-us Tue, 29 Apr 1997 00:00:00 +0530 Thu, 14 Apr 2011 10:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70053 The Tribunal partly allowed the appeal by upholding the disallowance of depreciation on higher Written Down Value (WDV) of depreciating assets, directing the Assessing Officer to allow 40% depreciation on leased vehicles, and confirming the treatment of caution deposits as trading receipts. The Tribunal emphasized that the legal fiction under section 115J(1) for charging tax on book profit should not extend to affect depreciation calculations. Case-Laws Income Tax Tue, 29 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70053