https://www.taxtmi.com/caselaws?id=38776 For assessment year 1962-63, the depreciation computation under the Income-tax Act, 1961 was governed by the statutory definitions of "actual cost" and "written down value" in sections 43(1) and 43(6), even where the assets had been acquired before the previous year under the 1922 Act. The relevant cost and written down value had to be determined under the 1961 Act, including reduction for amounts met by others and depreciation actually allowed under the earlier law. The prior computation under the repealed Act did not freeze the figure for later assessment years, because each year is a separate computation under the current statute. en-us Thu, 12 Dec 1974 00:00:00 +0530 Fri, 09 Apr 2010 10:24:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38776 For assessment year 1962-63, the depreciation computation under the Income-tax Act, 1961 was governed by the statutory definitions of "actual cost" and "written down value" in sections 43(1) and 43(6), even where the assets had been acquired before the previous year under the 1922 Act. The relevant cost and written down value had to be determined under the 1961 Act, including reduction for amounts met by others and depreciation actually allowed under the earlier law. The prior computation under the repealed Act did not freeze the figure for later assessment years, because each year is a separate computation under the current statute. Case-Laws Income Tax Thu, 12 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38776