Supreme Court of India
THE MAHALAXMI MILLS LTD. v. THE COMMISSIONER OF INCOME-TAX, BOMBAY(And connected appeal
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the High Court has rightly decided that the depreciation availed of by the assessee under the Bhavnagar War profits act was a deductible amount in computing the written down value of the assets.
Judgment, page 9
From the headnote
The assessees were carrying on business in Bhavnagar which was formerly an Indian State. In 1948 Bhavnagar became part of the United State of Saurashtra and on March 16, 1949 the Saurashtra Income-tax Ordinance was promulgated. For the purpose of calculating the depreciation allowance to which the assessees were entitled in computing the profits or gains of the business, the written down value of the building, machinery etc., had to be ascertained in accordance with the provisions of the Ordinance.
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