9911796707
TMI Blog1931 (8) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... sputed. There was a company called Saraspur Manufacturing Company, Limited, which I will call the old company, which went into liquidation in the year 1924, and in the year 1928 its assets were sold to the assessee company, and a valuation was placed for the purposes of the sale on various assets. The only asset to which reference need be made is the machinery and plant which were valued and purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessee as may in any case or class of cases be prescribed. 3. There are certain provisos to Section 10(3)(vi), and under proviso (6) an allowance to which full effect cannot be given in any one year or years may be made up in any subsequent year or years ; and then in proviso (c) it is enacted that the aggregate of all such allowances made under the Act shall in no case exceed the origi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elf takes that view, and the Advocate General has not argued to the contrary. But in the reference which he has submitted the Commissioner points out that a full bench of the Madras High Court in a very similar case arrived at the conclusion that the depreciation should be based on the cost of the machinery to the old vendor company. The case to which the Commissioner refers is the case of Massey ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect to the learned Chief Justice I do not take that view. The phraseology and the scheme of the Indian Act seem to me to differ widely from the English Act upon this question of deduction on account of depreciation of machinery. Under the English Act depreciation is to be based on the diminished value of the machinery and plant by reason of wear and tear. There is no such thing in the Indian Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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