1998 (4) TMI 21 - HC - Income Tax

Summary

The High Court of Madras ruled that the Income-tax (Fourth Amendment) Rules, 1983, are not applicable to assessment years prior to April 2, 1983. The court held that the rule does not have retrospective effect. The assessee's claim for depreciation under the rule for the assessment year 1981-82 was denied. The Revenue was awarded costs of Rs. 750.