https://www.taxtmi.com/caselaws?id=16517 The Court ruled in favor of the assessee, allowing additional depreciation for the assessment year 1977-78 based on the revision of actual cost under section 43A of the Income Tax Act. The decision was influenced by the Supreme Court precedent in CIT vs. Arvind Mills Ltd., emphasizing depreciation calculation based on actual costs and considering subsequent cost increases due to devaluation. However, the Court specified that the assessee cannot claim total or consolidated extra depreciation from earlier years in the current assessment year or reopen prior assessments for depreciation, ultimately granting the additional depreciation sought by the assessee without costs awarded. en-us Tue, 04 Feb 1997 00:00:00 +0530 Tue, 08 Sep 2009 12:50:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16517 The Court ruled in favor of the assessee, allowing additional depreciation for the assessment year 1977-78 based on the revision of actual cost under section 43A of the Income Tax Act. The decision was influenced by the Supreme Court precedent in CIT vs. Arvind Mills Ltd., emphasizing depreciation calculation based on actual costs and considering subsequent cost increases due to devaluation. However, the Court specified that the assessee cannot claim total or consolidated extra depreciation from earlier years in the current assessment year or reopen prior assessments for depreciation, ultimately granting the additional depreciation sought by the assessee without costs awarded. Case-Laws Income Tax Tue, 04 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16517