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2003 (2) TMI 61 - HC - Income Tax
"Whether, on the facts and in the circumstances of the case and when the assessee did not make a claim or a request for allowance of depreciation, whether the Assessing Officer would be justified in allowing the deduction ?" - we are of the opinion that the Explanation has no retrospective effect. The assessment year in question being related to the period prior to the insertion of the Explanation as aforesaid and since the question referred is covered by the decision of the apex court in CIT v. Mahendra Mills we answer the question in the negative, i.e., in favour of the assessee and against the revenue.