Section 50 would apply only to cases where ‘assessee’ had obtained depreciation

HIGH COURT OF MADRAS Kali Aerated Water Works Vs. Commissioner of Income Tax R. JAYASIMHA BABU AND N.V BALASUBRAMANIAN JJ. TAX CASE NOS. 1546 AND 1547 OF 1984 FEBRUARY 11, 1998 JUDGMENT R. Jayasimha Babu, J.—Two questions have been referred to us at the instance of the assessee arising out of the assessment for the year 1979-80. At the instance of the Revenue a question which is interconnected with the questions raised by the assessee has also been referred. The questions referred at the instance of the assessee are: “(1) Whether, on the facts and in the circumstance...