https://www.taxtmi.com/caselaws?id=49356 In computing insurance business profits under the Schedule to the Indian Income-tax Act, 1922, an amount written off in the accounts for depreciation on a building and its appurtenances was allowable as a deduction. Rule 3(b) was treated as mandatory and the word "depreciation" was read in its ordinary sense, wide enough to include depreciation written off on buildings, including notional depreciation. The Income-tax Officer could not revalue the assets or substitute his own view of actual depreciation for the accounting entry, and rule 6 did not expand that power because "expenditure" was confined to disbursement. The allowance was therefore upheld in favour of the assessee. en-us Tue, 29 Sep 1964 00:00:00 +0530 Thu, 21 Aug 2014 21:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49356 In computing insurance business profits under the Schedule to the Indian Income-tax Act, 1922, an amount written off in the accounts for depreciation on a building and its appurtenances was allowable as a deduction. Rule 3(b) was treated as mandatory and the word "depreciation" was read in its ordinary sense, wide enough to include depreciation written off on buildings, including notional depreciation. The Income-tax Officer could not revalue the assets or substitute his own view of actual depreciation for the accounting entry, and rule 6 did not expand that power because "expenditure" was confined to disbursement. The allowance was therefore upheld in favour of the assessee. Case-Laws Income Tax Tue, 29 Sep 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49356