https://www.taxtmi.com/caselaws?id=355736 Depreciation on assets used for agricultural operations partly taxed under Rule 7A was to be computed on the written down value under Section 32(1) and Section 43(6) of the Income-tax Act, 1961. Only depreciation actually allowed under the Income-tax Act, 1961, the Income-tax Act, 1922, repealed enactments, or executive orders under the 1886 Act could be reduced under Section 43(6)(b); depreciation allowed under the Kerala Agricultural Income Tax Act, 1991 was not expressly covered. The later insertion of Explanation 7 to Section 43(6) from 1 April 2010 showed that the double-benefit issue was addressed prospectively, so the earlier assessment year could not be read differently. The assessee was entitled to compute depreciation without reducing the agricultural income tax depreciation. en-us Mon, 29 Jan 2018 00:00:00 +0530 Sat, 17 Feb 2018 06:45:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355736 Depreciation on assets used for agricultural operations partly taxed under Rule 7A was to be computed on the written down value under Section 32(1) and Section 43(6) of the Income-tax Act, 1961. Only depreciation actually allowed under the Income-tax Act, 1961, the Income-tax Act, 1922, repealed enactments, or executive orders under the 1886 Act could be reduced under Section 43(6)(b); depreciation allowed under the Kerala Agricultural Income Tax Act, 1991 was not expressly covered. The later insertion of Explanation 7 to Section 43(6) from 1 April 2010 showed that the double-benefit issue was addressed prospectively, so the earlier assessment year could not be read differently. The assessee was entitled to compute depreciation without reducing the agricultural income tax depreciation. Case-Laws Income Tax Mon, 29 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355736