Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 1964 (9) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1964 (9) TMI 12 - SC - Income TaxWhether four-fifths of the sum of ₹ 1,21,245 written off in the books of the assessee as depreciation for the calendar year 1953 is allowable as a deduction in the assessment completed under section 10(7) and the rules contained in the Schedule of the Income-tax Act 1922? Held that:- Rule 3(b) does not empower the Income-tax Officer to adjust the accounts on the basis of a revaluation made by him or to correct the discrepancy between what is entered in the accounts and what is fact. We accept the appeal and answer the question in the affirmative. Appeal allowed.
|