https://www.taxtmi.com/caselaws?id=49312 The Supreme Court held that the depreciation allowance for a sugar factory should be computed based on the valuation at which the assessee took over the assets, rather than the original cost to the larger joint family. The court clarified the interpretation of "original cost" and "written down value" under the Income-tax Act, emphasizing the importance of the valuation at the time of partition under Hindu law. The majority judgment rejected the original cost to the joint family as the basis for depreciation, while a separate opinion suggested a nuanced approach for different shares. The appeal was allowed, modifying the High Court's decision accordingly. en-us Mon, 05 Apr 1965 00:00:00 +0530 Wed, 20 Aug 2014 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49312 The Supreme Court held that the depreciation allowance for a sugar factory should be computed based on the valuation at which the assessee took over the assets, rather than the original cost to the larger joint family. The court clarified the interpretation of "original cost" and "written down value" under the Income-tax Act, emphasizing the importance of the valuation at the time of partition under Hindu law. The majority judgment rejected the original cost to the joint family as the basis for depreciation, while a separate opinion suggested a nuanced approach for different shares. The appeal was allowed, modifying the High Court's decision accordingly. Case-Laws Income Tax Mon, 05 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49312