https://www.taxtmi.com/caselaws?id=172148 Depreciation under Section 10(2)(vi) of the Indian Income-tax Act, 1922 was construed by reference to the cost to the assessee who owns the asset and is chargeable to tax. The phrase "original cost thereof to the assessee" was given its ordinary meaning, so the relevant depreciation base was the value at which the successor company took over the assets, not the predecessor companies' original acquisition cost. A construction that would import the predecessor's cost was rejected as adding words not found in the statute, and the proviso's aggregate limitation did not alter the meaning of the charging language. en-us Fri, 25 Oct 1935 00:00:00 +0530 Thu, 05 Jan 2017 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172148 Depreciation under Section 10(2)(vi) of the Indian Income-tax Act, 1922 was construed by reference to the cost to the assessee who owns the asset and is chargeable to tax. The phrase "original cost thereof to the assessee" was given its ordinary meaning, so the relevant depreciation base was the value at which the successor company took over the assets, not the predecessor companies' original acquisition cost. A construction that would import the predecessor's cost was rejected as adding words not found in the statute, and the proviso's aggregate limitation did not alter the meaning of the charging language. Case-Laws Income Tax Fri, 25 Oct 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172148