https://www.taxtmi.com/caselaws?id=57953 The Tribunal ruled in favor of the foreign shipping company, holding that depreciation should be computed in the currency in which the books are maintained, rather than converted into Indian rupees at the time of asset acquisition. The reassessments reducing depreciation were overturned, emphasizing the need to accurately reflect the actual cost to the assessee in the depreciation allowances. The Tribunal's decision highlighted the significance of applying the correct currency for computing depreciation, ultimately allowing the appeals and rejecting the recalculated depreciation amounts. en-us Sat, 24 Mar 1984 00:00:00 +0530 Wed, 15 Dec 2010 15:55:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57953 The Tribunal ruled in favor of the foreign shipping company, holding that depreciation should be computed in the currency in which the books are maintained, rather than converted into Indian rupees at the time of asset acquisition. The reassessments reducing depreciation were overturned, emphasizing the need to accurately reflect the actual cost to the assessee in the depreciation allowances. The Tribunal's decision highlighted the significance of applying the correct currency for computing depreciation, ultimately allowing the appeals and rejecting the recalculated depreciation amounts. Case-Laws Income Tax Sat, 24 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57953