1948 (8) TMI 25

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....reference under Section 66 (1) of the Income-tax Act at the instance of the Commissioner of Income-tax, Bengal. The question relates to the allowable depreciation for the charge year 1942-43. In the preceding charge year (1941-42), the allowable depreciation was found to be Rs. 87,244. The written down value was Rs. 9,08,003. In that year, there was resultant loss, even without taking into c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....assessee less all depreciation actually allowed to him under this Act, or any Act repealed thereby, or under executive orders issued when the Indian Income-tax Act, 1886, was in force". Mr. Pal, appearing for the Income-tax authorities, contends that the expression "actually allowed" means "allowable under the law in force". Mr. Pal refers us to the provisions of Section 10(2)(vi), provisos (b)....