https://www.taxtmi.com/caselaws?id=39813 A retrospective amendment to the depreciation rule had to be applied as if it were always in force, so the managing agents' remuneration, computed on the earlier basis, became excessive and fell outside the contractual liability. That excess was not expenditure laid out wholly and exclusively for business and was therefore not deductible. The provision dealing with later recovery of amounts earlier allowed as deductions applied only where a sum had been lawfully allowed in assessment and subsequently recovered, not to a mistaken overpayment or incorrect computation. The reference was answered against the assessee and in favour of the Revenue. en-us Tue, 23 Jul 1974 00:00:00 +0530 Tue, 20 Apr 2010 13:45:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39813 A retrospective amendment to the depreciation rule had to be applied as if it were always in force, so the managing agents' remuneration, computed on the earlier basis, became excessive and fell outside the contractual liability. That excess was not expenditure laid out wholly and exclusively for business and was therefore not deductible. The provision dealing with later recovery of amounts earlier allowed as deductions applied only where a sum had been lawfully allowed in assessment and subsequently recovered, not to a mistaken overpayment or incorrect computation. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 23 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39813