R. Jayasimha Babu, J.:— The tax case arises out of the assessment, for the year 1985–86. The amendment effected to section 32(1)(iv) of the Income-tax Act, 1961, providing that initial depreciation was not to be deducted from the cost of the assets for the purpose of computing the written down value was not on the statute book then.
1. The first appellate authority, as also the Tribunal has, therefore, rightly held that that amendment does not come in the way of the assessee not deducting the initial depreciation from the cost of the assets for the purpose of computing the written down value.
2. The question referred to us regarding the correctness of the order of the Tribunal is, therefore, answered in favour of the assessee and against the Revenue.