TMI Blog1997 (7) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... r the assessment years 1968-69 and 1969-70, the written down value of the fixed assets should be determined not in pound sterling, but in equivalent amount of rupees - - - - - Dated:- 16-7-1997 - S. C. SEN. and S. P. KURDUKAR. JUDGMENT The following three questions at the instance of the assessee really survive for consideration in this appeal, out of the four questions referred to in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ritten down value had been correctly arrived at under the Indian Income-tax Act, 1922, was required for the assessment years 1968-69 and 1969-70 by virtue of the definition of 'actual cost' introduced by the Income-tax Act, 1961, with effect from the assessment year 1962-63? (iv) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the Income-tax Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment in India, the rupee value of the capital asset has to be taken into account for calculating its actual cost at the time of acquisition of the asset. Subsequent fluctuations in the value of pound sterling are immaterial for this purpose. Hence, the first question was rightly answered by the High Court. The second question has also been rightly decided by the High Court against the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment order. It will be an assessment made pursuant to a direction given by a higher authority. This position has been made clear at page 787 of the report in Modi Industries' case [1995] 216 ITR 759 (SC). The date up to which interest under section 214 will be paid is the date of the regular assessment, i.e., the date of the first order of assessment under section 143. The quantum of interest, h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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