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1948 (8) TMI 25 - HC - Income TaxExtract: .......on 1st January, 1941, the allowable depreciation of ₹ 87,244 to which effect could not be given by reason of there being no profits in the preceding year, was not depreciation "actually allowed" within the meaning of Section 10(5)(b ) of the Act as amended in 1941. The answer to the question referred is therefore in the affirmative.
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