https://www.taxtmi.com/caselaws?id=38797 Depreciation for assessment year 1963-64 under the Income-tax Act, 1961 had to be computed on written down value determined under the 1961 Act, not by carrying forward the earlier assessment basis under the 1922 Act. In calculating actual cost, any portion met directly or indirectly by another person must be deducted, and written down value must be recomputed for the relevant year under the governing statute. Prior assessments do not create res judicata or estoppel for the later year, so the earlier valuation could be reopened for the 1963-64 computation. en-us Fri, 27 Aug 1976 00:00:00 +0530 Fri, 09 Apr 2010 11:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38797 Depreciation for assessment year 1963-64 under the Income-tax Act, 1961 had to be computed on written down value determined under the 1961 Act, not by carrying forward the earlier assessment basis under the 1922 Act. In calculating actual cost, any portion met directly or indirectly by another person must be deducted, and written down value must be recomputed for the relevant year under the governing statute. Prior assessments do not create res judicata or estoppel for the later year, so the earlier valuation could be reopened for the 1963-64 computation. Case-Laws Income Tax Fri, 27 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38797