https://www.taxtmi.com/caselaws?id=189112 For depreciation under section 10(2)(vi) read with section 10(5) of the Income-tax Act, 1922, written down value was held to mean cost reduced only by depreciation actually allowed under the tax law. Depreciation that was merely allowable, or carried in the assessee's books for commercial purposes, could not be deducted if no assessment had been made in earlier exempt years. On that basis, the original cost remained the written down value. The later 1962 Explanation to the Removal of Difficulties Order was not applied because the reference had to be answered on the law governing the Tribunal's order. en-us Fri, 17 Jan 1964 00:00:00 +0530 Wed, 28 Dec 2016 15:18:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189112 For depreciation under section 10(2)(vi) read with section 10(5) of the Income-tax Act, 1922, written down value was held to mean cost reduced only by depreciation actually allowed under the tax law. Depreciation that was merely allowable, or carried in the assessee's books for commercial purposes, could not be deducted if no assessment had been made in earlier exempt years. On that basis, the original cost remained the written down value. The later 1962 Explanation to the Removal of Difficulties Order was not applied because the reference had to be answered on the law governing the Tribunal's order. Case-Laws Income Tax Fri, 17 Jan 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189112