Cost of the project definition clarifies which fixed assets shown in books qualify at project commencement or unit extension. The Cost of the project is the actual cost of specified fixed assets (land, buildings, leaseholds, plant, machinery, furniture, fittings, railway sidings and development expenditure) shown in the assessee's books on the last day of the previous year in which the business commences, or, for an extension or new unit, on the last day of the previous year in which the extension is completed or the new unit commences production, insofar as such assets were acquired or developed in connection with the project or unit.