https://www.taxtmi.com/caselaws?id=5244 For a non-resident shipping company, additional depreciation was not available where taxable income was computed under a special empirical formula rather than the second method in rule 33 of the Indian Income-tax Rules, 1922. Under that rule, world profits must first be computed in accordance with the Act and then apportioned to Indian receipts, so statutory allowances enter the computation only when income is determined by that prescribed method. Because the Income-tax Officer used a formula that deducted normal depreciation and trade expenses but not additional depreciation, the statutory allowance could not be claimed on that basis. en-us Fri, 14 Mar 1969 00:00:00 +0530 Sat, 22 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5244 For a non-resident shipping company, additional depreciation was not available where taxable income was computed under a special empirical formula rather than the second method in rule 33 of the Indian Income-tax Rules, 1922. Under that rule, world profits must first be computed in accordance with the Act and then apportioned to Indian receipts, so statutory allowances enter the computation only when income is determined by that prescribed method. Because the Income-tax Officer used a formula that deducted normal depreciation and trade expenses but not additional depreciation, the statutory allowance could not be claimed on that basis. Case-Laws Income Tax Fri, 14 Mar 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5244