1994 (3) TMI 20

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.....--In this writ petition, the petitioners have prayed for the issue of an appropriate writ to quash notices proposing to rectify certain mistakes stated to have crept in into the assessment in respect of the assessment years 1989-90 and 1990-91 relating to the petitioners. The reason given for the proposed rectification, as could be gathered from annexure P-7, is that while calculating depreciatio....

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....he cost of assets, for the purposes of allowing depreciation as also development rebate. Though the Revenue attempted to maintain that the stand taken by it was in order, we are unable to accept the same. In Srinivas Industries v. CIT [1991] 188 ITR 22 (Mad), I had occasion to exhaustively examine this question and, after considering the view taken by the several courts, it was held that, having r....