depreciation admissible under
the Income-tax Act is not allowable in determining the
available surplus. The initial depreciation and the
additional depreciation are abnormal additions ... subsequent Full Bench held that only normal depreciation
including multiple shift depreciation, but not initial or
additional depreciation, should rank as prior charge in
applying
therefrom relates to depreciation. The
depreciation which has to be deducted from the gross profits
should be the notional normal depreciation as explained ... should not include the initial and additional
depreciation allowable under the Income-tax Act .
U.P. Electric Supply Co. Ltd. v. Their Workmen
depreciation admissible under the Income-tax
Act was not allowable in determining the available surplus.
The initial depreciation and the additional depreciation
were abnormal additions ... held in that case that
only normal depreciation including multiple shift
depreciation, but not initial or additional depreciation
should rank as prior charge. We approved
additional depreciation under the head of statutory
depreciation. This Court has held in Sree Meenakshi Mills
Ltd. v. Their Workmen (1) that additional depreciation which ... written off by the appellant towards
depreciation for the said period ?
Parties will be at liberty to lead additional relevant
evidence. The tribunal should consider
merits, and it was
urged that the direction to pay an additional bonus of two
months basic wages was improper and unjustified. The
appellate tribunal ... statutory depreciation allowed
by the Full Bench formula. The question was whether it
should not include initial depreciation and additional
depreciation which are given
cent -- profit on the actual cost of the work done by it. Depreciation was one of the items to be taken into consideration in determining ... claiming amounts of depreciation on the aforesaid inflated amounts shown in the accounts on the basis of Ex. D. The learned Additional Solicitor General contends
respect of
the said machinery for 1954 is covered by the depreciation
allowed to the appellant., This position is not disputed by
Mr. Sastri. Therefore ... additional bonus
for two months. It is common ground that, taking the net
profit at Rs. 42,726, if the depreciation and the bonus paid
pertaining to the undertaking and handed over to the
Government less depreciation as specified; the book value of
all works in progress: the book value ... Where basis C is
applied, an additional sum by way of solatium. is required
to be paid as specified
support of his conclusion and that the said
observation was only an additional ground given by him, but
we are inclined to think that ... raised. It was contended by the
labour in that case that the depreciation reserve was Dot
used as working capital and therefore no return should
shareholders joining the State Government and the
Central Government. Section 24 permits additional capital
of the corporation to be raised. Section 25 requires that ... dividend. Section 29(1) requires
the Corporation to make such provisions for depreciation and
for reserve and other funds as the State Government may,
from
