M/S WILH WILHELMSEN vs COMMISSIONER OF INCOME TAX,WEST BENGAL

The Supreme Court addressed the interpretation of Rule 8 of the Income Tax Rules and Section 10(2)(vi) of the Income Tax Act, 1961, determining that a shipping company is entitled to depreciation even for ships in use for over twenty years. The Court upheld the Tribunal's decision to delete excess depreciation and the enhancement of total income made by the Appellate Assistant Commissioner. The judgment clarified the applicability of the Central Board of Revenue's circulars regarding depreciation allowances for shipping companies.