https://www.taxtmi.com/caselaws?id=289916 Proviso (c) to section 10(2)(vi) was construed as imposing a ceiling on the aggregate of all depreciation allowances under the clause, not merely on the exceptional case of ocean-going ships. Initial depreciation remained depreciation for this purpose, even though it was excluded in computing written down value. The proviso referred to the original cost of the depreciable asset, and there was no basis to substitute written down value for that measure. On that construction, depreciation allowances could not exceed the asset's original cost. en-us Fri, 20 Sep 1957 00:00:00 +0530 Sat, 29 Aug 2020 17:40:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289916 Proviso (c) to section 10(2)(vi) was construed as imposing a ceiling on the aggregate of all depreciation allowances under the clause, not merely on the exceptional case of ocean-going ships. Initial depreciation remained depreciation for this purpose, even though it was excluded in computing written down value. The proviso referred to the original cost of the depreciable asset, and there was no basis to substitute written down value for that measure. On that construction, depreciation allowances could not exceed the asset's original cost. Case-Laws Income Tax Fri, 20 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289916