1998 (4) TMI 65 - HC - Income Tax

Summary

The High Court of Madras ruled that the amendment to the Income-tax Rules in 1983 was not applicable to the assessment year 1983-84. The amendment regarding depreciation rate was considered a substantive right, not procedural. The law applicable for assessment is that of the commencement of the assessment year. The judgment favored the Revenue, and the assessees were ordered to pay costs of Rs. 750.