1984 (7) TMI 219

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.... depreciation on lorries at the enhanced rate of 40 percent for the asst. yr. 1980-81. The ITO allowed depreciation at 30 per cent with the observation that the enhanced rate of 40 per cent would come into effect only from 24th July, 1980 (inserted by the IT (Fifth Amendment) Rules, 1980, w.e.f 24th July, 1980 (1980) 126 ITR St. 1). Before the AAC in appeal, the assessee claimed that since the ass....

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....ive Benches noted that the Notification dt. 24th July, 1980 specifically mentioned the words (shall come into force) "at once". These words have significance, the relief being intended for the benefit of the transport industry and would hence apply to the asst. yr. 1980-81 as observed in the first decision. The Department's argument before us that the law as on the first days of the assessment yea....