https://www.taxtmi.com/caselaws?id=37552 Depreciation under section 10(2)(vi) was treated as a statutory allowance for computing true business profits by recognising wear and tear of assets. The rule-making power under section 59 could not be used to nullify that allowance by prescribing a nil depreciation rate for buildings, machinery, plant or furniture held for 30 days or less. To that extent, the rule conflicted with the parent provision and was invalid. Depreciation for the relevant one-month period was therefore allowable to the assessee. en-us Wed, 10 Jan 1979 00:00:00 +0530 Tue, 30 Mar 2010 14:10:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37552 Depreciation under section 10(2)(vi) was treated as a statutory allowance for computing true business profits by recognising wear and tear of assets. The rule-making power under section 59 could not be used to nullify that allowance by prescribing a nil depreciation rate for buildings, machinery, plant or furniture held for 30 days or less. To that extent, the rule conflicted with the parent provision and was invalid. Depreciation for the relevant one-month period was therefore allowable to the assessee. Case-Laws Income Tax Wed, 10 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37552