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2004 (11) TMI 70 - ALLAHABAD HIGH COURTRate of depreciation - "1. Whether Tribunal was justified in law in holding that the assessee is entitled to depreciation on truck at 40 per cent, as against 30 per cent? 2. Whether Tribunal was justified in law in holding that the notification dated July 24, 1980, is applicable for the assessment year 1980-81, when the relevant previous year expired before the issue of the said notification?" - It is well settled that in the Income-tax Act the law as stands on the first day of the assessment year is applicable unless and until any amendment made in the Act or the notification issued therein is specifically made applicable from an anterior date. In this view of the matter, the notification dated July 24, 1980 providing for higher depreciation on the truck used on hire was not applicable for the assessment year 1980-81. The Tribunal has clearly erred in law in granting depreciation at 40 per cent, on the basis of the said notification
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