https://www.taxtmi.com/caselaws?id=18614 The applicable depreciation rate for an assessment year is ordinarily the law in force on the first day of that year unless the amendment expressly provides retrospective operation. An Income-tax Rules amendment bringing a higher depreciation rate for buses into force "at once" was not treated as retrospective from 1 April 1980, because it contained no express language extending the enhanced rate to the whole of assessment year 1980-81. The increased depreciation could therefore not be claimed for that year, and the earlier contrary Tribunal view was rejected. en-us Wed, 16 Aug 1995 00:00:00 +0530 Fri, 30 Oct 2009 17:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18614 The applicable depreciation rate for an assessment year is ordinarily the law in force on the first day of that year unless the amendment expressly provides retrospective operation. An Income-tax Rules amendment bringing a higher depreciation rate for buses into force "at once" was not treated as retrospective from 1 April 1980, because it contained no express language extending the enhanced rate to the whole of assessment year 1980-81. The increased depreciation could therefore not be claimed for that year, and the earlier contrary Tribunal view was rejected. Case-Laws Income Tax Wed, 16 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18614