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TMI Blog1995 (8) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... J.--In this tax case under section 256(1) of the Income-tax Act, 1961, preferred by the Revenue, the respondent/assessee remained unrepresented. So, we have heard learned counsel for the Revenue alone. The question referred to this court is as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the assessee is entitled to depreci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80, says that the said rules shall come into force "at once". But the said rules cannot be given effect to, retrospectively from April 1, 1980, the first date of the assessment year. It is settled law that though the subject of the charge is the income of the previous year, the law to be applied is the law that is in force as on first April, of the assessment year in question, unless the said law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssistant Commissioner was right in granting depreciation at the rate of 40 per cent. following the earlier order of the Tribunal. We also find support for the above view taken by us in the decisions of CIT v. S. A. Wahab [1990] 182 ITR 464 (Ker) ; CIT v. Mirza Ataullaha Baig [1993] 202 ITR 291 (Bom) and S. P. Jaiswal Estates Pvt. Ltd. v. CIT (No. 2) [1994] 209 ITR 307 (Cal). Of the abovereferred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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