TMI BlogMeaning of actual cost.X X X X Extracts X X X X X X X X Extracts X X X X ..... rowed for acquiring the asset if 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sfied that the main purpose of the transfer of the assets, directly or indirectly to the person, 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 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; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be the written down value of the asset in the hands of the transferor at the beginning of the financial year in which the acquisition of the asset by the person has taken place. (6) Where the person is a non-resident 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 acquis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l cost of a business capital 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 in this section. (9) In this section, deemed written down value of a business asset shall be the actual cost to the person or the previous owner, as the case may b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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