https://www.taxtmi.com/caselaws?id=180233 Depreciation on inherited boats was allowed under section 10(5) of the Indian Income-tax Act, 1922, because "actual cost to the assessee" for property acquired otherwise than by purchase was treated as its value at the time of acquisition. The later insertion of section 10(5)(c), which expressly dealt with gifts and inheritance, was held not to control the 1951-52 assessment year. The amendment therefore did not bar depreciation on inherited assets for that year, although the quantum of depreciation still had to be determined. en-us Thu, 14 Apr 1960 00:00:00 +0530 Fri, 18 Mar 2016 17:59:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180233 Depreciation on inherited boats was allowed under section 10(5) of the Indian Income-tax Act, 1922, because "actual cost to the assessee" for property acquired otherwise than by purchase was treated as its value at the time of acquisition. The later insertion of section 10(5)(c), which expressly dealt with gifts and inheritance, was held not to control the 1951-52 assessment year. The amendment therefore did not bar depreciation on inherited assets for that year, although the quantum of depreciation still had to be determined. Case-Laws Income Tax Thu, 14 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180233