https://www.taxtmi.com/caselaws?id=49237 The Supreme Court held that the correct basis for computing the written down value of depreciable assets as of November 1, 1948, is the method adopted by the Income-tax Officer. The interpretation of "all depreciation actually allowed" was clarified to mean only depreciation that was actually given effect to, not hypothetical allowances. The 1962 Order, which made retrospective amendments, was deemed applicable to assessments for specific years. The appeals were allowed in favor of the Revenue, setting aside the High Court's judgment, with each party bearing their own costs. en-us Fri, 03 Dec 1965 00:00:00 +0530 Mon, 18 Aug 2014 21:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49237 The Supreme Court held that the correct basis for computing the written down value of depreciable assets as of November 1, 1948, is the method adopted by the Income-tax Officer. The interpretation of "all depreciation actually allowed" was clarified to mean only depreciation that was actually given effect to, not hypothetical allowances. The 1962 Order, which made retrospective amendments, was deemed applicable to assessments for specific years. The appeals were allowed in favor of the Revenue, setting aside the High Court's judgment, with each party bearing their own costs. Case-Laws Income Tax Fri, 03 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49237