1988 (7) TMI 17 - HC - Income Tax

Summary

The High Court of Calcutta addressed two questions of law regarding depreciation and capital computation under the Companies (Profits) Surtax Act, 1964 for the assessment year 1960-61. The first question was answered in favor of the assessee, citing a prior decision. The second question was answered in favor of the assessee based on a different court decision. No costs were awarded.