1960 (4) TMI 72

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....e Respondent. JUDGMENT The judgment of the court was delivered by RAJAGOPALAN, J.--The question referred to this court under section 66(1) of the Indian Income-tax Act was: "Whether the assessee is entitled to the depreciation on boats inherited by him from his late father?" The Tribunal agreeing with the Departmental Officers, answered that question in the negative on a const....

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....of assets acquired by the assessee by way of gift or inheritance, the 'written down value' as in the case of the previous owner or the market value thereof whichever is the less". While we are unable to accept the contention of the learned counsel for the assessee, that the scope of the amendment effected by section 10(5)(c) was wholly explanatory of the law as it stood prior to 1953. w....

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.... any expenditure because he got it by inheritance from his father. it is true that the statutory expression page, C.J. had to consider in Commissioner of Income-tax v. Solomon and Sons* was "the original cost thereof to the assessee". That was subsequently amended and the statutory expression that was in force in the year of assessment 1951-52 was "actual cost" to the assessee. We do not think the....

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....ent from the market value on the date of inheritance, the lower of the two should prevail, was not applicable to assessments in 1951-52. The learned counsel for the assessee referred to the observations of Lord Atkin at pages 217-8 in Corporation of Birmingham v. Barnes [1933-35] 19 Tax Cas. 195. But as the pointed out by page, C.J., in Commissioner of Income-tax v. E. Solomon and Sons [1933] 1....