https://www.taxtmi.com/article/detailed?id=294 WDV must be computed by deducting depreciation that has been actually allowed in assessment rather than notional depreciation considered in composite income; for plantation activities only the portion of notional depreciation attributable to taxable business income is deductible from cost to determine WDV. The recent Kerala High Court ruling treating full notional depreciation as deductible overlooked the statutory meaning of WDV, board circulars and binding precedents and should be reconsidered, with the same principle applying to analogous rules for other plantations. en-us Wed, 25 Feb 2009 00:00:00 +0530 Thu, 26 Feb 2009 07:14:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=294 WDV must be computed by deducting depreciation that has been actually allowed in assessment rather than notional depreciation considered in composite income; for plantation activities only the portion of notional depreciation attributable to taxable business income is deductible from cost to determine WDV. The recent Kerala High Court ruling treating full notional depreciation as deductible overlooked the statutory meaning of WDV, board circulars and binding precedents and should be reconsidered, with the same principle applying to analogous rules for other plantations. Articles Income Tax Wed, 25 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=294