Depreciation
Legal definition for Indian law research
Definition
Depreciation, is an allowance for the diminution in the value due to wear and tear of capital asset employed by an assessee in his business, Union of India v. Savjiram, (2004) 9 SCC 312 (317).
Means 'a decrease in value of property though wear, deterioration, or obsolescence, the allowance made for this in book-keeping, accounting, etc.' (Webster's New World Dictionary), Income Tax Commissioner v. Alps Theatre, AIR 1967 SC 1437 (1439). [Income Tax Act, 1922, s. 10(2)(vi)]
It represents the diminution in value of a capital asset when applied to the purpose of making profit or gain, Workmen of National & Grindlays Bank Ltd. v. National & Grindlays Bank, AIR 1976 SC 611 (616).
Means 'a decrease in value of property though wear, deterioration, or obsolescence, the allowance made for this in book-keeping, accounting, etc.' (Webster's New World Dictionary), Income Tax Commissioner v. Alps Theatre, AIR 1967 SC 1437 (1439). [Income Tax Act, 1922, s. 10(2)(vi)]
It represents the diminution in value of a capital asset when applied to the purpose of making profit or gain, Workmen of National & Grindlays Bank Ltd. v. National & Grindlays Bank, AIR 1976 SC 611 (616).
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.