Supreme Court Upholds Revenue in Income-tax Depreciation Dispute — Additional Depreciation Not Admissible When Assessee Accepted Special Formula Instead of Rule 33 Method. The Court Held That Allowance Under Section 10(2)(vi-a) of Income-tax Act, 1922 Requires Computation of World Profits Under the Second Method in Rule 33, Which Was Not Applied.
14 Mar 1969The assessee, a non-resident shipping company with a local office in Calcutta, submitted returns for assessment years 1952-53 to 1956-57 disclosing ta...
