1995 (8) TMI 22 - HC - Income Tax

Summary

The High Court of Madras ruled in a tax case that the assessee is not entitled to depreciation at 40% for buses for the assessment year 1980-81. The court held that the notification changing the depreciation rate cannot be applied retrospectively from April 1, 1980. The decision was supported by previous court rulings. The question was answered in favor of the Revenue.