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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 provided the actual cost of a motor car acquired before 31.3.1967 exceeds 25,000/-, then the excess amount shall be ignored where assessee incurs an expense for which payment is made in a day otherwise than by an account payee cheque or .....

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3 Asset acquired at higher price from any other person using the asset for his business or profession with a view to claim depreciation on enhanced cost and reduce tax liability Actual cost to be determined by the assessing officer with prior approval of Joint commissioner. 4 Asset once belonged to the assessee which was used by him for business & 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 .....

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applicable to that year. 6 & Exp. 2 to Section 43(6) Asset transferred by a holding Co. to its subsidiary Co. or vice versa if the following two conditions are satisfied: Shares of the subsidiary Co. should be wholly owned by the holding Co. or its nominees. The transferee Co. should be an Indian Company. WDV to the transferor company at 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 .....

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