https://www.taxtmi.com/caselaws?id=28931 For computing capital employed under section 15C of the Indian Income-tax Act, 1922, the written down value of assets was to be taken without reducing it by initial depreciation. The text explains that written down value under section 10(5), read with section 10(2)(vi), was not intended to treat initial depreciation as a deduction for this purpose because it was an incentive allowance for new machinery or plant. A harmonious reading of the provisions, supported by the later retrospective amendment, indicated that the relief under section 15C would be defeated if initial depreciation were subtracted in the capital computation. en-us Mon, 02 Nov 1981 00:00:00 +0530 Mon, 08 Mar 2010 17:02:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28931 For computing capital employed under section 15C of the Indian Income-tax Act, 1922, the written down value of assets was to be taken without reducing it by initial depreciation. The text explains that written down value under section 10(5), read with section 10(2)(vi), was not intended to treat initial depreciation as a deduction for this purpose because it was an incentive allowance for new machinery or plant. A harmonious reading of the provisions, supported by the later retrospective amendment, indicated that the relief under section 15C would be defeated if initial depreciation were subtracted in the capital computation. Case-Laws Income Tax Mon, 02 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28931