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2008 (8) TMI 1 - HC - Income TaxDepreciation - "Whether, Tribunal was right in law in holding that initial depreciation allowed in the assessment year 1982-83 on new hotel building is not deductible for arriving at written down value in view of the amendments effected by the Finance Act, 1983?" - Initial depreciation granted under section 32(1)(v) of the Act during the assessment year 1982-83 cannot be deducted for the purposes of computing the written down value within the meaning of section 43(6)(b) of the Act for the purpose of the assessment year 1985-86, i.e., the year under consideration. The Tribunal was, therefore, right in law in holding that initial depreciation allowed in the assessment year 1982-83 on new hotel building is not deductible for arriving at the written down value in view of the amendment effected by the Finance Act, 1983
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