https://www.taxtmi.com/caselaws?id=5358 For depreciation under the Income-tax Act, 1961, actual cost and written down value must be computed year by year under the statutory formula, including assets acquired before the Act where no saving provision preserves the earlier basis. The definition of written down value requires the Assessing Officer to deduct depreciation actually allowed in prior years, and section 43(1) also permits reduction of cost by amounts met by others. The provision was treated as prospective in its operation because it governs future depreciation calculations, not reopening of past assessments. The language of the statute and the suggested anomalies did not justify confining recomputation to assets acquired in the relevant previous year. en-us Wed, 15 Jan 1992 00:00:00 +0530 Tue, 23 Jun 2026 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5358 For depreciation under the Income-tax Act, 1961, actual cost and written down value must be computed year by year under the statutory formula, including assets acquired before the Act where no saving provision preserves the earlier basis. The definition of written down value requires the Assessing Officer to deduct depreciation actually allowed in prior years, and section 43(1) also permits reduction of cost by amounts met by others. The provision was treated as prospective in its operation because it governs future depreciation calculations, not reopening of past assessments. The language of the statute and the suggested anomalies did not justify confining recomputation to assets acquired in the relevant previous year. Case-Laws Income Tax Wed, 15 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5358