1948 (8) TMI 25

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..... he Income-tax Act at the instance of the Commissioner of Income-tax, Bengal. The question relates to the allowable depreciation for the charge year 1942-43. In the preceding charge year (1941-42), the allowable depreciation was found to be ₹ 87,244. The written down value was ₹ 9,08,003. In that year, there was resultant loss, even without taking into consideration the depreciation a .....

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..... on actually allowed to him under this Act, or any Act repealed thereby, or under executive orders issued when the Indian Income-tax Act, 1886, was in force". Mr. Pal, appearing for the Income-tax authorities, contends that the expression "actually allowed" means "allowable under the law in force". Mr. Pal refers us to the provisions of Section 10(2)(vi), provisos (b) and .....

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..... In our opinion, the Tribunal was right in holding that in determining for the 1942-43 assessment, the written down value of the assets as brought forward on 1st January, 1941, the allowable depreciation of ₹ 87,244 to which effect could not be given by reason of there being no profits in the preceding year, was not depreciation "actually allowed" within the meaning of Section 10(5 .....

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