https://www.taxtmi.com/caselaws?id=38023 Depreciation attributable to interest capitalised in machinery cost was allowable in computing excess profits because the tax computation followed income-tax principles unless expressly restricted, and the schedule did not exclude depreciation on written down value merely because cost had been enhanced by capitalised interest. A voluntary deposit made under the Finance Act, 1942 was not deductible in computing capital employed, as it was neither a statutory debt nor money outside the business for that purpose. The special allowance granted for an earlier period did not reduce opening capital for the next chargeable accounting period, because it affected only profit computation and did not show any actual reduction in capital employed. en-us Wed, 10 Nov 1976 00:00:00 +0530 Fri, 02 Apr 2010 15:51:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38023 Depreciation attributable to interest capitalised in machinery cost was allowable in computing excess profits because the tax computation followed income-tax principles unless expressly restricted, and the schedule did not exclude depreciation on written down value merely because cost had been enhanced by capitalised interest. A voluntary deposit made under the Finance Act, 1942 was not deductible in computing capital employed, as it was neither a statutory debt nor money outside the business for that purpose. The special allowance granted for an earlier period did not reduce opening capital for the next chargeable accounting period, because it affected only profit computation and did not show any actual reduction in capital employed. Case-Laws Income Tax Wed, 10 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38023