https://www.taxtmi.com/caselaws?id=6925 'Actual cost' was construed as the original cost incurred by the assessee in acquiring fixed assets, not the written-down cost after depreciation, because the statutory context treated depreciation as distinct from cost and reserves. On that basis, depreciation written off could not be added to reserves for applying proviso (b) to section 23A(1), and the accumulated profits did not cross the required threshold against actual cost. The proviso therefore did not apply, and the rebate on undistributed profits under the Finance Act, 1955 remained allowable. en-us Tue, 06 Apr 1965 00:00:00 +0530 Sat, 07 Feb 2009 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6925 'Actual cost' was construed as the original cost incurred by the assessee in acquiring fixed assets, not the written-down cost after depreciation, because the statutory context treated depreciation as distinct from cost and reserves. On that basis, depreciation written off could not be added to reserves for applying proviso (b) to section 23A(1), and the accumulated profits did not cross the required threshold against actual cost. The proviso therefore did not apply, and the rebate on undistributed profits under the Finance Act, 1955 remained allowable. Case-Laws Income Tax Tue, 06 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6925