https://www.taxtmi.com/caselaws?id=180232 For depreciation under the Income-tax Act, 1922, "original cost thereof to the assessee" was construed to mean the cost to the present assessee, not the cost to a predecessor in title. Where the asset was acquired otherwise than by purchase, the proper basis was the real value of the property when acquired by the assessee, reduced by necessary expenditure incurred to complete title, such as properly referable probate charges. The interpretation was tied to the statutory meaning of "assessee" as the person presently liable to tax, and the predecessor's cost was rejected as the depreciation basis. en-us Wed, 12 Jul 1933 00:00:00 +0530 Fri, 18 Mar 2016 17:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180232 For depreciation under the Income-tax Act, 1922, "original cost thereof to the assessee" was construed to mean the cost to the present assessee, not the cost to a predecessor in title. Where the asset was acquired otherwise than by purchase, the proper basis was the real value of the property when acquired by the assessee, reduced by necessary expenditure incurred to complete title, such as properly referable probate charges. The interpretation was tied to the statutory meaning of "assessee" as the person presently liable to tax, and the predecessor's cost was rejected as the depreciation basis. Case-Laws Income Tax Wed, 12 Jul 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180232