The depreciation cannot be taken as ‘notionally allowed’, but only as ‘actually allowed’

RELEVANT PARAGRAPH 5.7 The effect of omission of section 34 and Rule 5AA and consequential amendment in section 32 by omitting reference to section 34 makes it clear that one cannot taken support from the decision of the Hon’ble Apex Court in the case of Mahendra Mills, supra, after the amendment. Section 43(6) of the Act which defines the term “Written Down Value” reads as under :- “Written down value means:- (a) in the case of asset acquired in the previous year, the actual cost of the assessee; (b) in the case of assets acquired before the previous year, the actual c...