https://www.taxtmi.com/caselaws?id=27243 The High Court upheld the Tribunal's decision, ruling in favor of the non-resident shipping company's entitlement to depreciation on the second-hand ship, "S. S. Dimitrios," as long as the depreciation did not exceed the ship's actual cost. The Court emphasized that rule 5(2) did not restrict the allowance based on the ship's anticipated life at the time of purchase. The decision favored the assessee, affirming the Tribunal's interpretation of the rule and directing each party to bear their own costs. en-us Thu, 20 Sep 1984 00:00:00 +0530 Thu, 11 Feb 2010 16:32:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27243 The High Court upheld the Tribunal's decision, ruling in favor of the non-resident shipping company's entitlement to depreciation on the second-hand ship, "S. S. Dimitrios," as long as the depreciation did not exceed the ship's actual cost. The Court emphasized that rule 5(2) did not restrict the allowance based on the ship's anticipated life at the time of purchase. The decision favored the assessee, affirming the Tribunal's interpretation of the rule and directing each party to bear their own costs. Case-Laws Income Tax Thu, 20 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27243