https://www.taxtmi.com/caselaws?id=60278 The Tribunal ruled that the increased depreciation rate introduced from 24-7-1980 would not apply to trucks and buses used before that date. Therefore, the department's appeal was allowed, overturning the Commissioner (Appeals)'s decision to grant depreciation at the higher rate of 40%. The Tribunal emphasized that amendments to substantive law are not retrospective unless explicitly stated, and assets acquired before the effective date of the amendment are not eligible for the increased depreciation rate. en-us Fri, 30 Nov 1984 00:00:00 +0530 Tue, 04 Jan 2011 15:10:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60278 The Tribunal ruled that the increased depreciation rate introduced from 24-7-1980 would not apply to trucks and buses used before that date. Therefore, the department's appeal was allowed, overturning the Commissioner (Appeals)'s decision to grant depreciation at the higher rate of 40%. The Tribunal emphasized that amendments to substantive law are not retrospective unless explicitly stated, and assets acquired before the effective date of the amendment are not eligible for the increased depreciation rate. Case-Laws Income Tax Fri, 30 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60278