https://www.taxtmi.com/caselaws?id=71420 The tribunal ruled in favor of the assessee, holding that the CIF value of machinery received under Norwegian Aid should be included in the calculation of depreciation, investment allowance, and additional depreciation. The tribunal determined that the actual cost of assets acquired by way of gift should consider the CIF value, rejecting the department's argument to exclude it. The tribunal emphasized the application of Explanation 2 to section 43(1) of the Income-tax Act, 1961 in determining the cost of the asset. en-us Tue, 18 Jul 1989 00:00:00 +0530 Sat, 23 Apr 2011 13:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71420 The tribunal ruled in favor of the assessee, holding that the CIF value of machinery received under Norwegian Aid should be included in the calculation of depreciation, investment allowance, and additional depreciation. The tribunal determined that the actual cost of assets acquired by way of gift should consider the CIF value, rejecting the department's argument to exclude it. The tribunal emphasized the application of Explanation 2 to section 43(1) of the Income-tax Act, 1961 in determining the cost of the asset. Case-Laws Income Tax Tue, 18 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71420