COMMISSIONER OF WEALTH TAX Vs. BALLY JUTE CO LTD

JUDGEMENT

(1.) IN this reference, under s. 27(1) of the WT Act, we are concerned with three assessment years, namely, 1957-58, 1958-59 and 1959-60. The relevant valuation dates are 31st March, 1957, 31st March, 1958, and 31st March, 1959.

(2.) THE assessee is a limited company and owns certain depreciable assets, to wit, buildings, plant and machinery. For the asst. yrs. 1957-58 to 1959-60, the assessee-company respectively claimed deduction of Rs. 12,27,992, Rs. 11,95,070 and Rs. 9,37,339 from the book value of its depreciable assets.

(3.) FOR the year 1959-60, he repelled the same argument of the assessee, with the following further observation :