1983 (6) TMI 30

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....H C.J.-The following questions of law have been referred by the Income-tax Appellate Tribunal under s. 256(1) of the I.T. Act, 1961 : "1. Whether, on the facts and in the circumstances of the case and on the basis of the material available on the record, the Tribunal was right in holding that no depreciation was deemed to have been allowed while working out the net income from the trucks in the....

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....llowed in the earlier years, s. 41(2) was inapplicable. It was, this contention which was accepted by the Tribunal. In the draft statement of the case submitted by the Department before the Tribunal it was stated that in the assessment years 1972-73 and 1973-74 the income from truck business was determined by the ITO after taking into account the depreciation. The assessment orders were, howeve....

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....ld that depreciation (in respect) of the truck business was taken into account either expressly or impliedly in arriving at the figures of net profits in the assessment years 1972-73 and 1973-74. The expression " written down value " is defined in s. 43(6) to mean " in the case of assets acquired before the previous year, the actual cost of the assets to the assessee less all depreciation actually....

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....tunity to produce the relevant material. We are not impressed by this argument. At the stage when the point was raised before the Tribunal the Department could have taken time to produce the relevant material. We have already mentioned that although it is mentioned in the draft statement of the case submitted before the Tribunal that depreciation was impliedly allowed in the assessment years 1972-....