1990 (9) TMI 30 - HC - Income Tax

Summary

The High Court of Bombay addressed two questions of law under the Income-tax Act, 1961 regarding depreciation and development rebate. The first question was answered in favor of the Revenue, but the assessee would be entitled to depreciation if the court's judgment was eventually reversed by the Supreme Court. The second question was answered in favor of the assessee due to a retrospective amendment by the Finance Act, 1990.