https://www.taxtmi.com/caselaws?id=6346 Depreciation was required to be computed by reference to the assessee's original cost, which is a factual question to be determined from the evidence. A conveyance deed stating the consideration is only prima facie proof of cost and is not conclusive. Where the surrounding circumstances suggest fictitious pricing, fraud, collusion, inflation, deflation, or other ulterior purpose, the income-tax authorities may go behind the stated price, ascertain the actual cost, and determine whether goodwill formed part of the consideration. They may also apportion the price between depreciable and non-depreciable assets on the material available. en-us Mon, 31 Jul 1972 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6346 Depreciation was required to be computed by reference to the assessee's original cost, which is a factual question to be determined from the evidence. A conveyance deed stating the consideration is only prima facie proof of cost and is not conclusive. Where the surrounding circumstances suggest fictitious pricing, fraud, collusion, inflation, deflation, or other ulterior purpose, the income-tax authorities may go behind the stated price, ascertain the actual cost, and determine whether goodwill formed part of the consideration. They may also apportion the price between depreciable and non-depreciable assets on the material available. Case-Laws Income Tax Mon, 31 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6346