https://www.taxtmi.com/caselaws?id=37726 The High Court ruled in favor of the assessee, Cheviot Jute Co. Ltd., in a dispute over the calculation of depreciation of capital assets transferred after an amalgamation. The court held that Explanation 2A to section 43(6) should be applied, determining that all depreciation allowed on the assets had to be considered in calculating the written down value. This decision was made in response to a question referred by the Tribunal, rejecting the Revenue's argument for the application of Explanation 7 to section 43(1). The judgment was unanimous, and no costs were awarded. en-us Wed, 15 Nov 1978 00:00:00 +0530 Wed, 31 Mar 2010 16:44:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37726 The High Court ruled in favor of the assessee, Cheviot Jute Co. Ltd., in a dispute over the calculation of depreciation of capital assets transferred after an amalgamation. The court held that Explanation 2A to section 43(6) should be applied, determining that all depreciation allowed on the assets had to be considered in calculating the written down value. This decision was made in response to a question referred by the Tribunal, rejecting the Revenue's argument for the application of Explanation 7 to section 43(1). The judgment was unanimous, and no costs were awarded. Case-Laws Income Tax Wed, 15 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37726