https://www.taxtmi.com/caselaws?id=37579 The High Court held that the normal allowance under Machinery and Plant in the Income Tax Rules should be calculated based on the full depreciation allowance permissible, not just the actual depreciation allowed. Additionally, interest paid for moneys borrowed for purchasing assets should be considered part of the actual cost of the assets, following a Supreme Court precedent. The judgment favored the assessee, clarifying these interpretations and ensuring entitlement to higher allowances and rebates. en-us Wed, 25 Jan 1978 00:00:00 +0530 Tue, 30 Mar 2010 16:37:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37579 The High Court held that the normal allowance under Machinery and Plant in the Income Tax Rules should be calculated based on the full depreciation allowance permissible, not just the actual depreciation allowed. Additionally, interest paid for moneys borrowed for purchasing assets should be considered part of the actual cost of the assets, following a Supreme Court precedent. The judgment favored the assessee, clarifying these interpretations and ensuring entitlement to higher allowances and rebates. Case-Laws Income Tax Wed, 25 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37579