1985 (9) TMI 54 - HC - Income Tax

Summary

The High Court of Bombay ruled that the Tribunal was not right in allowing the assessee's claim for depreciation under section 32 for the assessment year 1971-72, as deductions had already been allowed under section 35 in previous years. The retrospective amendment to section 35 prevented the allowance of further depreciation. The judgment favored the Revenue, and no costs were awarded.