1995 (8) TMI 22

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....under section 256(1) of the Income-tax Act, 1961, preferred by the Revenue, the respondent/assessee remained unrepresented. So, we have heard learned counsel for the Revenue alone. The question referred to this court is as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the assessee is entitled to depreciation at 40 per ce....

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.... said rules shall come into force "at once". But the said rules cannot be given effect to, retrospectively from April 1, 1980, the first date of the assessment year. It is settled law that though the subject of the charge is the income of the previous year, the law to be applied is the law that is in force as on first April, of the assessment year in question, unless the said law is changed. If th....