1933 (7) TMI 14

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....ircumstances of this case was there any 'original cost' of the assets to the assessees and if so how is it to be ascertained?" The facts are fully set out in the reference, and need not be repeated. Section 10(2)(vi), Income-Tax Act (XI of 1922) runs as follows: "(vi) in respect of depreciation of such buildings, machinery, plant, or furniture being the property of the assessee....

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....ot purchased that property when it was made and had himself acquired it by bequest; to how many successive assessees who had been owners of the property is the "original cost" to be traced back? In my opinion the assessee in S. 10(2)(vi) means the assessee as defined in the Act. In Massey & Co. v. Commissioner of Income-Tax, Madras the Madras High Court held that the calculation for depreciation m....

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....sfied that it could never have been intended by the Legislature that no allowance should be made for depreciation of "buildings, machinery, plant, or furniture" belonging to the assessee merely because the assessee had acquired title to the property by bequest and not by purchase. It may be that it is causes omissus and there would be force in such a contention. In my opinion, however, the intenti....