9911796707
TMI BlogMeaning of actual cost.X X X X Extracts X X X X X X X X Extracts X X X X ..... such interest is relatable to the period before the asset is put to use; B = the amount of additional duty leviable under section 3 of the Customs Tariff Act, 1975 or the amount of duty of excise, in respect of which a claim of credit has been made and allowed under the Central Excise Rules, 1944; C= the amount of subsidy, grant or reimbursement (by whatever name called) received by the assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reciation with reference to an enhanced cost). (3) The actual cost of the business capital asset to the person shall be the deemed written down value, if — (a) the asset is acquired by the person by way of gift or inheritance; or (b) the asset is converted by the person into a business capital asset in any financial year; or (c) the person is transferee holding company or a transferee subsidiary c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent and a business capital asset,having been acquired by him outside India, is brought by him to India, the actual cost of the asset for the person shall be the cost of acquisition of the asset by him, as reduced by an amount equal to the amount of depreciation which would have been allowable, had the asset been used in India for the purpose of the business of the person since the date of such acq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, deemed written down value of a business asset shall be the actual cost to the person or the previous owner, as the case may be, when he first acquired the asset as reduced by the aggregate amount of depreciation that would have been allowable to the person or the previous owner, as the case may be, for the preceding financial year as if the asset was the only asset in the relevant block of as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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