https://www.taxtmi.com/caselaws?id=24448 For assessment year 1956-57, the written down value of assets acquired before the relevant previous year had to be computed under section 10(5)(b) of the Indian Income-tax Act, 1922, on the basis of actual cost less depreciation actually allowed. The fact that depreciation was not claimed in the earlier year did not change the character of the assets as pre-previous-year acquisitions. The court therefore held that section 10(5)(a) did not apply independently to that computation, and the assessee succeeded on the valuation method. en-us Thu, 08 Dec 1988 00:00:00 +0530 Wed, 20 Jan 2010 11:38:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24448 For assessment year 1956-57, the written down value of assets acquired before the relevant previous year had to be computed under section 10(5)(b) of the Indian Income-tax Act, 1922, on the basis of actual cost less depreciation actually allowed. The fact that depreciation was not claimed in the earlier year did not change the character of the assets as pre-previous-year acquisitions. The court therefore held that section 10(5)(a) did not apply independently to that computation, and the assessee succeeded on the valuation method. Case-Laws Income Tax Thu, 08 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24448