1981 (11) TMI 41

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....ional depreciation allowable under section 32 from the written down value of trucks within the meaning of section 43(6)(b) ? (2) Whether the Tribunal was right in law in holding that depreciation was computed and allowed actually in 1971-72 assessment year on the trucks sold in the assessment year 1972-73 ? " The assessee is an individual deriving rental income from property and income from the business of plying trucks. For the assessment year 1972-73, the assessee sold 3 trucks for a sum of Rs. 93,000. The said trucks had been purchased by the assessee during January, 1971, i.e., during the accounting period relevant to the assessment year 1971-72 at a total cost of Rs. 79,000. The assessee accordingly surrendered by way of revised ....

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....lowed in earlier years. It follows, therefore, that even in the case of assets acquired before the previous year, where in the past no depreciation was computed, actually allowed or carried forward, for no default of the assessee, 'the written down value' may, under clause (b) of section 43(6), also, be the actual cost of the assets to the assessee." We, therefore, answer the first question in favour of the assessee and against the Revenue. On the second question it has been vehemently argued by Mr. Gupta that for the assessment year 1971-72 the assessee had filed a detailed return which indicates that no depreciation had been allowed to the assessee for that year and since it had not been actually determined on the basis of the mater....