TMI BlogMeaning of actual costX X X X Extracts X X X X X X X X Extracts X X X X ..... including the interest paid on the capital borrowed 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Commissioner, the actual cost if - (a) the assets were business assets at any time before the date of acquisition by the assessee; and (b) the Assessing Officer 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) Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial year in the case of the transferor if the transferor re-acquires the asset by way of lease, hire or otherwise from the transferee assessee. (6) The actual cost of an asset to an assessee shall be the actual 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the asset has been allowed or is allowable under any of the aforesaid Schedules to any other person and the assessee has acquired or received the asset by any of the 'special modes of acquisition'. (9) The Board may, for the purposes of determining the acutal cost of a business asset, prescribe- (a) any other cost which may be included in determining the actual cost; and (b) th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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