https://www.taxtmi.com/caselaws?id=286720 On a notional assessment under section 26(2), depreciation under section 10(2) had to be computed as if the successor had carried on the business throughout the previous year, so ownership change during the year did not defeat the allowance. Amounts representing earlier working losses, interest on advances to liquidators, and interest on invested capital were not part of the original cost of the transferred machinery and buildings and could not be added for depreciation purposes. However, proved expenditure on additions to the buildings and machinery during the assessee's incumbency was allowable in computing depreciation. en-us Tue, 18 Apr 1939 00:00:00 +0530 Thu, 12 Mar 2020 16:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286720 On a notional assessment under section 26(2), depreciation under section 10(2) had to be computed as if the successor had carried on the business throughout the previous year, so ownership change during the year did not defeat the allowance. Amounts representing earlier working losses, interest on advances to liquidators, and interest on invested capital were not part of the original cost of the transferred machinery and buildings and could not be added for depreciation purposes. However, proved expenditure on additions to the buildings and machinery during the assessee's incumbency was allowable in computing depreciation. Case-Laws Income Tax Tue, 18 Apr 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286720