TMI Blog1960 (4) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... JAGOPALAN, J.--The question referred to this court under section 66(1) of the Indian Income-tax Act was: Whether the assessee is entitled to the depreciation on boats inherited by him from his late father? The Tribunal agreeing with the Departmental Officers, answered that question in the negative on a construction of the statutory expression actual cost to the assessee in section 10(5) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alue' as in the case of the previous owner or the market value thereof whichever is the less . While we are unable to accept the contention of the learned counsel for the assessee, that the scope of the amendment effected by section 10(5)(c) was wholly explanatory of the law as it stood prior to 1953. we are unable to accept the contention of the learned counsel for the Department, that it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atutory expression page, C.J. had to consider in Commissioner of Income-tax v. Solomon and Sons* was the original cost thereof to the assessee . That was subsequently amended and the statutory expression that was in force in the year of assessment 1951-52 was actual cost to the assessee. We do not think there is any real difference between these statutory expressions. page, C.J., observed: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not applicable to assessments in 1951-52. The learned counsel for the assessee referred to the observations of Lord Atkin at pages 217-8 in Corporation of Birmingham v. Barnes [1933-35] 19 Tax Cas. 195. But as the pointed out by page, C.J., in Commissioner of Income-tax v. E. Solomon and Sons [1933] 1 I.T.R. 324, the wording in the English Finance Act differs materially, and the question at iss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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