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2004 (12) TMI 44 - HC - Income TaxDepreciation allowance - Tribunal applied the provisions of section 43(1), Explanation 4A, to the assessment year in question and held that the assessee was not entitled to depreciation allowance - Whether, the Tribunal was right in holding that the provisions of Explanation 4A to section 43(1) which came into force with effect from October 1, 1996, would be applicable to prior period transactions which has taken place during August, 1995, relevant to the assessment year 1996-97? – Held that it is axiomatic that the law governs the assessment, is the law that is prevailing on April 1, of the assessment year in question, and since Explanation 4A to section 43(1) of the Act came into force on October 1, 1996, it has no application to the assessment year 1996-97. The Tribunal, in our view, has not applied the correct law
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