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Meaning of actual cost

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..... rowed for acquiring the asset for the period before the asset is put to use; B = the amount paid or payable as interest in connection with the acquisition of the asset for any period after the asset is first put to use if the amount is included in the amount 'A'; C = the amount of additional duty leviable under section 3 of the customs Tariff Act, 1975 or the amount of duty of excise, in respect o .....

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..... r is satisfied that the main purpose of the transfer of the assets, directly or indirectly to the assessee, was the reduction of a liability to income-tax (by claiming depreciation with reference to an enhanced cost). (3) The actual cost of the business asset to the assessee shall be the deemed written down value, if - (a) the asset is acquired by the assessee by way of gift or inheritance or unde .....

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..... l cost of the asset, as reduced by an amount equal to the amount of depreciation calculated at the rate in force that would have been allowable had the asset been used in India for the said purposes since the date of its acquisition by the assessee if,- (a) the assessee is a non-resident; (b) the asset was acquired by him outside India; and (c) the asset is brought by him to India. (7) The actual .....

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..... f a business asset, prescribe- (a) any other cost which may be included in determining the actual cost; and (b) the method of determining the actual cost in the circumstances which are not provided for under this section. (10) For the purposes of this section, deemed written down value of a business asset shall be the actual cost to the assessee or the previous owner, as the case may be, when he f .....

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