1997 (2) TMI 158

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....would be the written down value on which depreciation is to be allowed on technical know-how for the assessment year 1988-89. 2. The assessee claimed depreciation on technical know-how till the assessment year 1982-83 and that had been allowed. The written down value fixed for the purpose of granting depreciation, for the assessment year 1982-83, was Rs. 4,76,490. For the subsequent assessment ....

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....983-84 to 1987-88. The assessee is challenging the above view, in this appeal, before us. 3. According to the assessee, it is entitled to depreciation on the written down value fixed for the assessment year 1982-83. Subsequently the assessee has not claimed any depreciation for the assessment years 1983-84 to 1987-88. According to the assessee, finding of the CIT(A) that the assessee is to clai....

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....n respect of that period shall be calculated at the rate for the time being in force under the Income-tax Act, 1961, or under the Indian Income-tax Act, 1922 and the depreciation so calculated shall be deemed to be the depreciation actuallv allowed under the local law. It is further held that even in the case of assets acquired before the previous year, where in the past no depreciation was comput....

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.... the motor car as no depreciation was actually claimed and allowed for the assessment years 1979-80,1980-81 and 1981-82. The jurisdictional High Court has, in the case of Machine Tool Corporation of India Ltd. also held : " . . . . where the assessee has substituted a revised return, the entries in the relevant column of the original return seeking depreciation could not be used for any purp....