https://www.taxtmi.com/caselaws?id=49238 For computing written down value under section 10(5)(b) of the Indian Income-tax Act, 1922, depreciation had to reflect amounts actually allowed in earlier years, not a notional allowance during exempt periods. The Court held that income-tax exemption granted under the merged States taxation concessions order arose under the Act through section 60A, not under any independent agreement, so the 1962 amendment to the Removal of Difficulties Order did not apply. As a result, depreciation could not be recomputed on original cost and had to be worked out on the written down value basis, with the issue answered for the Revenue. 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 For computing written down value under section 10(5)(b) of the Indian Income-tax Act, 1922, depreciation had to reflect amounts actually allowed in earlier years, not a notional allowance during exempt periods. The Court held that income-tax exemption granted under the merged States taxation concessions order arose under the Act through section 60A, not under any independent agreement, so the 1962 amendment to the Removal of Difficulties Order did not apply. As a result, depreciation could not be recomputed on original cost and had to be worked out on the written down value basis, with the issue answered for the Revenue. Case-Laws Income Tax Fri, 03 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49238