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Section 43(1) - Actual Cost

Income Tax - Profit and Gains of Business or Profession - 02 - SEC - 43(1): ACTUAL COST Actual cost means the actual cost of the asset to the assessee, reduced by that portion of the cost which has been directly or indirectly met by any other person or authority. Explanations to Section 43(1) Determination of Actual Cost in special cases Expl. to Sec. 43(1) Mode of Acquisition Actual Cost 1 Asset acquired for scientific research subsequently brought into business use Actual Cost less deduction a .....

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iness & is transferred and reacquired by him The WDV at the time of original transfer or the price paid for reacquiring the asset, whichever is less. 4A Asset acquired by an assessee from other person who has claimed depreciation on such asset and the asset is leased back to such other person The WDV of the asset to the transferor at the time of transfer to the assessee. 5 Building used for private purpose or held as investment subsequently brought into business use The cost of purchase or c .....

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the beginning of the previous year will be taken as the actual cost to the transferee company. 7 & Exp. 2 to Section 43(6) Transfer of asset in a scheme of amalgamation by amalgamating company to amalgamated Indian company. WDV to the amalgamating company at the beginning of the previous year will be taken as the actual cost to the amalgamated company. 7A Asset transferred by a demerged company to the resulting Indian company. Actual cost shall be the written down value in the hands of the .....

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