https://www.taxtmi.com/caselaws?id=12686 The High Court of Madras ruled in favor of the assessee, allowing the deduction of initial depreciation from the cost of assets for computing the written down value for the year 1985-86. The amendment to section 32(1)(iv) of the Income-tax Act, 1961 was deemed inapplicable retroactively, upholding the Tribunal's decision. en-us Thu, 18 Oct 2001 00:00:00 +0530 Thu, 21 May 2009 11:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12686 The High Court of Madras ruled in favor of the assessee, allowing the deduction of initial depreciation from the cost of assets for computing the written down value for the year 1985-86. The amendment to section 32(1)(iv) of the Income-tax Act, 1961 was deemed inapplicable retroactively, upholding the Tribunal's decision. Case-Laws Income Tax Thu, 18 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12686