697/CBDT.

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..... all along kept in sterling. While the company actually reduced the sterling value of the fixed assets in its books of accounts to give effect to the devaluation of the rupees on 6.6.66 and of the sterling in the depreciation schedule for income-tax purposes was not done. The assessing officer did not notice this omission and allowed depreciation accordingly which resulted in excess allowance of de .....

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..... n in terms of rupees in Part I of the Return of Income as specifically required. That being the case, the ITO in the instant case should have insisted on furnishing of the depreciation schedule in terms of Indian rupee from the very beginning had the depreciation schedule been maintained by the ITO in terms of rupees from the very-beginning the mistake could have been easily avoided as in that cas .....

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