WDV has to be arrived at only after reducing depreciation actually allowed

ITAT MUMBAI BENCH ‘E’ Additional Commissioner of Income-tax versus Nicholas Piramal India Ltd. IT Appeal No. 4602 (Mum.) of 2001 C.O. NO. 119 (MUM.) of 2002 [ASSESSMENT YEAR 1997-98] MAY 16, 2012 ORDER N.V. Vasudevan, Judicial Member ITA No. 4608/Mum/2001 is an appeal by the Revenue against the order dt. 23rd April, 2001 of CIT(A)-II, Mumbai, relating to asst. yr. 1997-98. The assessee has filed C.O. No. 119/Mum/2002 against the very same order of CIT(A). 2. We shall first take up for consideration ITA No. 4608/Mum/2001, the appeal by the Revenue. 3. The first grou...