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2018 (2) TMI 1157 - HC - Income TaxDepreciation allowability - tribunal restricting the depreciation allowed to the amount worked out on the written down value of the assets as against the original cost of the assets claimed by the assessee - Income from the manufacture of rubber which was earlier treated as agricultural income was made assessable to the extent of 35% of the income derived from the business - Held that:- As has been held in J.K.Synthetics Ltd. Vs. C.T.O [1994 (5) TMI 233 - SUPREME COURT] and Maruti Wire Industries Ltd. Vs. S.T.O Mattancherry [2001 (3) TMI 856 - SUPREME COURT OF INDIA] “a legislative casus omissus cannot be supplied by a judicial interpretative process” (sic). On the above reasoning, we are unable to accept the dis-allowance of the depreciation and the computation made of the written down value. We answer the questions raised by the assessee in favour of the assessee and against the Revenue. AO is directed to employ the deeming provision for computing the written down value de hors the depreciation granted under the AIT Act and take 35% of the cost of the total assets as written down value, allowing the depreciation for the relevant assessment year to that extent. The Assessing Officer shall deem the written down value to be the cost of the assets and compute the depreciation allowable at 35% of such deemed written down value and apply it to the portion of the income derived from the agricultural business, that is assessable under the IT Act.
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