https://www.taxtmi.com/caselaws?id=38070 The High Court ruled in favor of M/s. Kirloskar Electric Company Ltd., emphasizing that post-devaluation rupee value should be considered in determining the actual cost of plant and machinery for depreciation and development rebate purposes. The Court rejected the Tribunal's view that the difference in value was notional, highlighting the tangible impact of devaluation on the funds used for machinery purchase. This decision ensures a fair and consistent approach in calculating depreciation allowances and development rebates, clarifying the impact of currency devaluation on asset valuation for tax purposes. en-us Thu, 03 Aug 1978 00:00:00 +0530 Sat, 03 Apr 2010 10:20:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38070 The High Court ruled in favor of M/s. Kirloskar Electric Company Ltd., emphasizing that post-devaluation rupee value should be considered in determining the actual cost of plant and machinery for depreciation and development rebate purposes. The Court rejected the Tribunal's view that the difference in value was notional, highlighting the tangible impact of devaluation on the funds used for machinery purchase. This decision ensures a fair and consistent approach in calculating depreciation allowances and development rebates, clarifying the impact of currency devaluation on asset valuation for tax purposes. Case-Laws Income Tax Thu, 03 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38070