https://www.taxtmi.com/caselaws?id=49238 The Supreme Court dismissed the appeal and affirmed the High Court's decision that depreciation should be allowed on the original cost of plant and machinery acquired before July 1, 1953. The court held that the exemption granted was under the Income-tax Act and not under any agreement, rejecting arguments based on the Taxation Laws (Merged States) (Removal of Difficulties) Order, 1949, and its 1962 amendment. The case clarified that depreciation must be computed on the actual cost of assets when no depreciation had been allowed in previous years, emphasizing that "actually allowed" does not include notional allowance. en-us Fri, 03 Dec 1965 00:00:00 +0530 Thu, 26 Feb 2015 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49238 The Supreme Court dismissed the appeal and affirmed the High Court's decision that depreciation should be allowed on the original cost of plant and machinery acquired before July 1, 1953. The court held that the exemption granted was under the Income-tax Act and not under any agreement, rejecting arguments based on the Taxation Laws (Merged States) (Removal of Difficulties) Order, 1949, and its 1962 amendment. The case clarified that depreciation must be computed on the actual cost of assets when no depreciation had been allowed in previous years, emphasizing that "actually allowed" does not include notional allowance. Case-Laws Income Tax Fri, 03 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49238