1948 (8) TMI 25

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..... missioner 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 allowance. The depreciation allowance of .....

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..... s Act, or any Act repealed thereby, or under executive orders issued when the Indian Income-tax Act, 1886, was in force .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 (c ), of Act XI of 1922 and also to the corresponding prov .....

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..... 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)(b ) of the Act as amended in 1941. The answer to the question refe .....

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