https://www.taxtmi.com/caselaws?id=16980 Higher depreciation rates introduced by the Income-tax (Fourth Amendment) Rules, 1983, effective from 2 April 1983, did not apply to assessment year 1983-84 because the governing law is that in force on the first day of the assessment year. The amendment operated prospectively and could not be carried back merely because assessments were pending or completed later. As depreciation is a matter of substantive law, the later effective date controlled, and the fact that 1 April 1983 fell on a Sunday did not alter the operative date. The amended rates therefore applied only from the later assessment year, not to assessment year 1983-84. en-us Fri, 03 Apr 1998 00:00:00 +0530 Mon, 14 Sep 2009 13:34:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16980 Higher depreciation rates introduced by the Income-tax (Fourth Amendment) Rules, 1983, effective from 2 April 1983, did not apply to assessment year 1983-84 because the governing law is that in force on the first day of the assessment year. The amendment operated prospectively and could not be carried back merely because assessments were pending or completed later. As depreciation is a matter of substantive law, the later effective date controlled, and the fact that 1 April 1983 fell on a Sunday did not alter the operative date. The amended rates therefore applied only from the later assessment year, not to assessment year 1983-84. Case-Laws Income Tax Fri, 03 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16980