https://www.taxtmi.com/caselaws?id=7554 For computing profit under the second proviso to section 10(2)(vii), the written down value of an asset partly used for business must be reduced only by depreciation actually allowed, because section 10(5)(b) defines written down value by reference to actual allowance and not notional depreciation. Section 10(3) merely restricts the depreciation admissible on partly business-used assets; it does not alter that definition or justify splitting the asset into hypothetical business and non-business portions for fixing original cost. The resulting excess sale proceeds therefore had to be computed on the basis of depreciation actually allowed, and the issue was answered in favour of the assessee. en-us Thu, 23 Jan 1969 00:00:00 +0530 Wed, 25 Feb 2009 19:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7554 For computing profit under the second proviso to section 10(2)(vii), the written down value of an asset partly used for business must be reduced only by depreciation actually allowed, because section 10(5)(b) defines written down value by reference to actual allowance and not notional depreciation. Section 10(3) merely restricts the depreciation admissible on partly business-used assets; it does not alter that definition or justify splitting the asset into hypothetical business and non-business portions for fixing original cost. The resulting excess sale proceeds therefore had to be computed on the basis of depreciation actually allowed, and the issue was answered in favour of the assessee. Case-Laws Income Tax Thu, 23 Jan 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7554