The depreciation u/s 32 is allowed on the actual cost of the assets. The term ‘actual cost’ has been defined in section 43(1) according to which, ‘actual cost’ means ‘the actual cost of the assets to the assessee reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority’. So, the only deduction permissible from the actual cost is the amount, which has been met by any other person or authority.
The amount deposited or invested, as the case may be, above shall not be utilized for any purpose other than for the repayment of debentures maturing during the year referred to above, provided that the amount remaining deposited or invested, as the case may be, shall not at any time fall below 15 per cent of the amount of debentures maturing during the 31St day of March of that year.
Whether the Income-tax Appellate Tribunal was right in law in coming to the conclusion that when on the ground on which the reopening of assessment is based, no additions are made by the Assessing Officer in the order of assessment, he cannot make additions on some other grounds which did not form part of the reasons recorded by him.
Authorised banks would be permitted to open NRO account of individual/s of Bangladesh nationality without the approval of the Reserve Bank subject to the following conditions:
I am directed to convey that the Hon’ble Finance Minister has expressed serious concern about drafting of ‘Substantial Question of Law’ in the proposals to file SLP. He has also expressed dissatisfaction over lack of assistance to the Law officers/appearing counsels by field officers.
