Actual cost treated as nil for assets with investment-linked deductions, and depreciation computed as if all income is business. The amendment treats the actual cost of any capital asset on which deduction has been allowed or is allowable under the investment-linked capital expenditure deduction provision as nil for the assessee and for transferees where the asset is received by gift, will, irrevocable trust, distribution on liquidation, or specified modes of transfer. It further provides that where income is partly agricultural and partly business, depreciation for written down value computation shall be calculated as if the entire income were business income and that computed amount shall be deemed to be the depreciation actually allowed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Actual cost treated as nil for assets with investment-linked deductions, and depreciation computed as if all income is business.
The amendment treats the actual cost of any capital asset on which deduction has been allowed or is allowable under the investment-linked capital expenditure deduction provision as nil for the assessee and for transferees where the asset is received by gift, will, irrevocable trust, distribution on liquidation, or specified modes of transfer. It further provides that where income is partly agricultural and partly business, depreciation for written down value computation shall be calculated as if the entire income were business income and that computed amount shall be deemed to be the depreciation actually allowed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
