https://www.taxtmi.com/caselaws?id=192677 Depreciation for the first taxable year had to be computed on the original cost of assets where the assessee had earlier enjoyed tax exemption but no depreciation had actually been claimed or allowed. The court reasoned that "written down value" under the relevant depreciation provision means actual cost less depreciation actually allowed in prior years, and a notional allowance cannot be assumed merely because income might have been assessable during the exempt period. As no returns were filed and no depreciation was allowed earlier, the original cost remained the base for depreciation. The answer to the referred question was therefore in favour of the assessee. en-us Sat, 07 Oct 1961 00:00:00 +0530 Sat, 10 Jun 2017 13:54:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192677 Depreciation for the first taxable year had to be computed on the original cost of assets where the assessee had earlier enjoyed tax exemption but no depreciation had actually been claimed or allowed. The court reasoned that "written down value" under the relevant depreciation provision means actual cost less depreciation actually allowed in prior years, and a notional allowance cannot be assumed merely because income might have been assessable during the exempt period. As no returns were filed and no depreciation was allowed earlier, the original cost remained the base for depreciation. The answer to the referred question was therefore in favour of the assessee. Case-Laws Income Tax Sat, 07 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192677