https://www.taxtmi.com/caselaws?id=37955 For non-resident shipping assessments under rule 33, binding departmental instructions govern depreciation computation even where they differ from section 10(2)(vi) and rule 8. Depreciation ceased after a ship had formed part of the fleet for the prescribed twenty-year period, irrespective of intermittent Indian trade. For a vessel assessed on receipts and expenditure calculated over its actual days in Indian trade, depreciation had to be computed for the same period rather than limited to 365 days. Unabsorbed depreciation remained attributable to the particular ship and could be carried forward only when that ship again operated in Indian trade; it could not be set off against other profits where the relevant ships did not visit India. en-us Wed, 17 Nov 1976 00:00:00 +0530 Fri, 02 Apr 2010 12:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37955 For non-resident shipping assessments under rule 33, binding departmental instructions govern depreciation computation even where they differ from section 10(2)(vi) and rule 8. Depreciation ceased after a ship had formed part of the fleet for the prescribed twenty-year period, irrespective of intermittent Indian trade. For a vessel assessed on receipts and expenditure calculated over its actual days in Indian trade, depreciation had to be computed for the same period rather than limited to 365 days. Unabsorbed depreciation remained attributable to the particular ship and could be carried forward only when that ship again operated in Indian trade; it could not be set off against other profits where the relevant ships did not visit India. Case-Laws Income Tax Wed, 17 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37955