https://www.taxtmi.com/caselaws?id=6304 In computing the Indian income of a non-resident shipping company under rule 33 of the Indian Income-tax Rules, 1922, the U.K. investment allowance was required to be taken into account in determining total world income for the purpose of arriving at Indian income. The computation could proceed on the equitable basis recognised by the rule and the Board's instructions, which treated the foreign ratio certificate as a proper assessment basis and allowed the allowance corresponding to development rebate, subject to the prescribed limit. The fact that the foreign allowance did not mirror the domestic depreciation provisions exactly did not prevent its inclusion. The referred question was answered in favour of the assessee. en-us Fri, 22 Oct 1971 00:00:00 +0530 Fri, 23 Jan 2015 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6304 In computing the Indian income of a non-resident shipping company under rule 33 of the Indian Income-tax Rules, 1922, the U.K. investment allowance was required to be taken into account in determining total world income for the purpose of arriving at Indian income. The computation could proceed on the equitable basis recognised by the rule and the Board's instructions, which treated the foreign ratio certificate as a proper assessment basis and allowed the allowance corresponding to development rebate, subject to the prescribed limit. The fact that the foreign allowance did not mirror the domestic depreciation provisions exactly did not prevent its inclusion. The referred question was answered in favour of the assessee. Case-Laws Income Tax Fri, 22 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6304