1984 (7) TMI 219

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..... -81. The ITO allowed depreciation at 30 per cent with the observation that the enhanced rate of 40 per cent would come into effect only from 24th July, 1980 (inserted by the IT (Fifth Amendment) Rules, 1980, w.e.f 24th July, 1980 (1980) 126 ITR St. 1). Before the AAC in appeal, the assessee claimed that since the assessment was made on 26th March, 1983, the assessee is entitled to enhanced rate of .....

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..... the words (shall come into force) "at once". These words have significance, the relief being intended for the benefit of the transport industry and would hence apply to the asst. yr. 1980-81 as observed in the first decision. The Department s argument before us that the law as on the first days of the assessment year should be applied and that hence the rule inserted w.e.f. 24th July, 1980 would a .....

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