TaxTMI 
TaxTMI 
1969 (2) TMI 48
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....onal depreciation on Rs. 2,10,445 for the assessment year in question. The Income-tax Officer allowed normal depreciation under the provisions of section 10(2)(vi) of the Indian Income-tax Act, 1922, but he disallowed the assessee's claim for additional depreciation under section 10(2)(via) of the Act amounting to Rs. 29,618. There was an appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner held that, according to section 10(2)(via) of the Indian Income-tax Act, 1922, the additional depreciation was allowable upto and including the assessment year 1958-59. There was a further appeal before the Tribunal. The Tribunal was of the opinion that there was certain amount of ambiguity in the section and held that....
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....cing on the 1st day of April, 1949, and ending with the 31st day of March, 1954." The said clause was amended by the Income-tax (Amendment) Act, 1953, which received the assent of the President on the 24th May, 1953. The said clause was amended by substituting words "in the assessments for each of the five years commencing on the 1st day of April, 1949, and ending with the 31st day of March, 1954" with the words "in not more than five successive assessments for the financial years next following the previous year in which such buildings are erected and such machinery and plant installed and falling within the period commencing on the 1st day of April, 1949, and ending on the 31st day of March, 1959." The question that arises is whether, in....
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..... So far as the first question is concerned, in the decision of the Madras High Court in the case of Kumbakonam Electric Supply Corporation Ltd. v. Commissioner of Income-tax, it was held that the five-year limit prescribed for extra depreciation allowance under section 10(2)(via) of the Indian Income-tax Act, 1922, in respect of buildings erected after March 31, 1948, expired on March 31, 1959, and extra depreciation cannot therefore be claimed for the assessment year 1959-60. The words "financial years" in section 10(2)(via) refer to assessment years. Reading the clause of the section it is manifest that what was intended was that in respect of the plant and machinery installed after 31st March, 1948, for five successive assessments for t....