https://www.taxtmi.com/caselaws?id=340982 For depreciation on a transferred undertaking, the relevant basis was the actual purchase consideration paid under the statutory transfer scheme, not a lower value fixed by the regulator. The transfer of the thermal power station was bona fide and the consideration was undisputed, so accounting principles supported computation on the purchase price. The distinction drawn between depreciation under income-tax law and tariff determination was not accepted as a reason to deny the purchaser the benefit of the actual purchase value. The Supreme Court held that depreciation had to be computed on the purchase consideration paid. en-us Wed, 22 Mar 2017 00:00:00 +0530 Fri, 31 Mar 2017 05:06:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340982 For depreciation on a transferred undertaking, the relevant basis was the actual purchase consideration paid under the statutory transfer scheme, not a lower value fixed by the regulator. The transfer of the thermal power station was bona fide and the consideration was undisputed, so accounting principles supported computation on the purchase price. The distinction drawn between depreciation under income-tax law and tariff determination was not accepted as a reason to deny the purchaser the benefit of the actual purchase value. The Supreme Court held that depreciation had to be computed on the purchase consideration paid. Case-Laws Indian Laws Wed, 22 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340982