https://www.taxtmi.com/caselaws?id=286719 Under a statutory fiction deeming the successor to have carried on the business throughout the previous year, depreciation for assessment purposes was held to be computed by reference to the predecessor firm's original cost of the depreciable assets. The court reasoned that section 10 allowances attach to the profits of the business whose income is being assessed, so the word "assessee" in section 10(2)(vi) referred to the person on whose profits the assessment rested, namely the predecessor. The majority distinguished ordinary successor assessments and concluded that the successor company could claim depreciation on the predecessor's original cost; the dissent would have used the successor's own cost. en-us Fri, 15 Oct 1937 00:00:00 +0530 Thu, 12 Mar 2020 16:29:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286719 Under a statutory fiction deeming the successor to have carried on the business throughout the previous year, depreciation for assessment purposes was held to be computed by reference to the predecessor firm's original cost of the depreciable assets. The court reasoned that section 10 allowances attach to the profits of the business whose income is being assessed, so the word "assessee" in section 10(2)(vi) referred to the person on whose profits the assessment rested, namely the predecessor. The majority distinguished ordinary successor assessments and concluded that the successor company could claim depreciation on the predecessor's original cost; the dissent would have used the successor's own cost. Case-Laws Income Tax Fri, 15 Oct 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286719