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The Indian Iron And Steel Company ... vs The Commissioner Of Income-Tax on 25 March, 1943 cites

The Commissioner Of Income Tax vs The Buckingham And Carnatic Company ... on 25 October, 1935

36. But once the property has passed to the successor, he is the assessee, the depreciation is, in the words of the Act, to be calculated on the cost to him, and there is in their Lordships' opinion no reason for holding that the cost to the predecessor is thereafter to be adopted as the basis of depreciation. This view is in accordance with that expressed in Income-tax Commissioner v. Buckingham and Carnatic Co., Madras (1935) L.R. 63 I.A. 74 : s.c. 38 Bom. L.R. 133. It is true that in both the cases referred to above the transfer took place at the end of one fiscal year and the beginning of the next, and therefore neither case is a direct authority on the question now before the Board. But the principles are similar, and as their Lordships think, show the method upon which the computation is to be made. They are in agreement with the view of Mr. Justice Panckridge in the High Court in Calcutta in considering that if and in so far as Kamala-pat Moti Lal, In re lays down any different principles, it is wrong.
Bombay High Court Cites 11 - Cited by 23 - Full Document
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