2000 (6) TMI 24

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....BAN J.---By this reference application under section 256(1) of the Income-tax Act, 1961, the Commissioner of Income-tax, Cochin, has referred the following question. " 1. Whether, on the facts and in the circumstances of the case, the new rates of depreciation prescribed in Appendix 1 to the Income-tax Rules, 1962, which came into force with effect from April 2, 1983, will be applicable for the....

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....or higher rate of depreciation for the assessment year 1983-84 and directed the Assessing Officer to allow the claim of the assessee accordingly. Learned counsel for the Revenue, Sri Ravindranatha Menon, submitted that the rates of depreciation came into effect only with effect from April 2, 1983, and it has no retrospective operation. Hence, this rate could not be made applicable for the asses....