1985 (9) TMI 68

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.... in this reference for our determination : "' (1) Whether, in view of the facts and circumstances, the company is entitled to depreciation on the original cost as on January 1, 1949, for the assessment year 1950-51, that is, the original cost should be taken as written down value and depreciation be allowed on such original cost and the written down value for subsequent years be arrived at by r....

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....valid piece of legislation ? " The counsel agreed that as far as question No. 1 is concerned, in view of the decision of the Supreme Court in the case of Hukumchand Mills Ltd. v. CIT [1967] 63 ITR 232, the question will have to be answered as follows : (1) Only that part of the depreciation which entered into the computation of the taxable income of the assessee under the Indian Income-tax A....