https://www.taxtmi.com/caselaws?id=208142 Depreciation on a holiday resort under section 32 of the Income-tax Act had to be computed with reference to actual cost, not a mere estimate. Because the construction cost was shown only on an estimated basis, the matter could not be finally determined without allowing the assessee to prove the actual cost incurred. The remand therefore preserved the Assessing Officer's ability to rely on the District Valuation Officer's report if the assessee failed to substantiate the cost. The challenge to the remand failed. en-us Wed, 04 Mar 2009 00:00:00 +0530 Mon, 26 Mar 2012 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208142 Depreciation on a holiday resort under section 32 of the Income-tax Act had to be computed with reference to actual cost, not a mere estimate. Because the construction cost was shown only on an estimated basis, the matter could not be finally determined without allowing the assessee to prove the actual cost incurred. The remand therefore preserved the Assessing Officer's ability to rely on the District Valuation Officer's report if the assessee failed to substantiate the cost. The challenge to the remand failed. Case-Laws Income Tax Wed, 04 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208142