https://www.taxtmi.com/caselaws?id=49356 The court allowed the appeal, affirming that depreciation claimed by the assessee, a public limited company engaged in general insurance, was allowable under Section 10(7) of the Indian Income-tax Act, 1922. The court emphasized that the term "depreciation" in Rule 3(b) includes notional depreciation, and the Income-tax Officer must accept the amount written off in the accounts. The respondent was directed to pay the costs, clarifying the interpretation of depreciation in insurance businesses under the Income-tax Act. 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 The court allowed the appeal, affirming that depreciation claimed by the assessee, a public limited company engaged in general insurance, was allowable under Section 10(7) of the Indian Income-tax Act, 1922. The court emphasized that the term "depreciation" in Rule 3(b) includes notional depreciation, and the Income-tax Officer must accept the amount written off in the accounts. The respondent was directed to pay the costs, clarifying the interpretation of depreciation in insurance businesses under the Income-tax Act. Case-Laws Income Tax Tue, 29 Sep 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49356