https://www.taxtmi.com/caselaws?id=12137 Depreciation for assessment year 1988-89 was treated as not allowable where the assessee had withdrawn the claim in a valid revised return, and the assessment could proceed on that basis. The governing principle reflected the Supreme Court's position that a withdrawn depreciation claim need not be allowed in assessment when the revised return omits it. Explanation 5 to section 32(1), inserted by the Finance Act, 2001 with effect from 1 April 2002, was held not to operate retrospectively and therefore did not alter the position for earlier assessment years. The disallowance of depreciation was therefore legally sustained. en-us Tue, 01 Oct 2002 00:00:00 +0530 Thu, 25 Dec 2025 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12137 Depreciation for assessment year 1988-89 was treated as not allowable where the assessee had withdrawn the claim in a valid revised return, and the assessment could proceed on that basis. The governing principle reflected the Supreme Court's position that a withdrawn depreciation claim need not be allowed in assessment when the revised return omits it. Explanation 5 to section 32(1), inserted by the Finance Act, 2001 with effect from 1 April 2002, was held not to operate retrospectively and therefore did not alter the position for earlier assessment years. The disallowance of depreciation was therefore legally sustained. Case-Laws Income Tax Tue, 01 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12137