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1948 (8) TMI 25

Section 66 (1) of the Income-tax Act at the instance of the Commissioner of Income-tax, Bengal. The question relates to the allowable depreciation for the charge year 1942-43. In the preceding charge year (1941-42), the allowable depreciation was found to be ₹ 87,244. The written down value was ₹ 9,08,003. In that year, there was resultant loss, even without taking into consideration t .....

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depreciation actually allowed to him under this Act, or any Act repealed thereby, or under executive orders issued when the Indian Income-tax Act, 1886, was in force". Mr. Pal, appearing for the Income-tax authorities, contends that the expression "actually allowed" means "allowable under the law in force". Mr. Pal refers us to the provisions of Section 10(2)(vi), proviso .....

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owed. In our opinion, the Tribunal was right in holding that in determining for the 1942-43 assessment, the written down value of the assets as brought forward 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 .....

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