https://www.taxtmi.com/caselaws?id=189753 The court held that the Income-tax Officer cannot estimate the written down value without actual depreciation allowances in earlier years under section 10(2)(vii) of the Income-tax Act, 1922. The written down value for assets acquired before the previous year must be based on actual depreciation allowed in earlier assessment years. The provision for a balancing charge under section 10(2)(vii) only applies when actual depreciation has been allowed. Therefore, only actual depreciation allowed should be considered for determining the written down value and calculating the excess profit under the Act. en-us Tue, 23 Feb 1965 00:00:00 +0530 Thu, 19 Jan 2017 15:46:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189753 The court held that the Income-tax Officer cannot estimate the written down value without actual depreciation allowances in earlier years under section 10(2)(vii) of the Income-tax Act, 1922. The written down value for assets acquired before the previous year must be based on actual depreciation allowed in earlier assessment years. The provision for a balancing charge under section 10(2)(vii) only applies when actual depreciation has been allowed. Therefore, only actual depreciation allowed should be considered for determining the written down value and calculating the excess profit under the Act. Case-Laws Income Tax Tue, 23 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189753