https://www.taxtmi.com/caselaws?id=375084 For depreciation, "actual cost" under the Income-tax Act is the cost incurred by the assessee, not the seller's written down value. Explanation 3 permits redetermination only where a transfer is mainly intended to reduce tax liability through enhanced depreciation; a valuer's report supporting the price and taxation of the seller's gain may negate such avoidance. An LED panel with a display controller, software-based message changes, memory and processing capabilities may be treated as akin to a computer under the functional meaning of an electronic data-processing system. Depreciation may therefore be available at the rate prescribed for computers. en-us Tue, 12 Feb 2019 00:00:00 +0530 Thu, 14 Feb 2019 06:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375084 For depreciation, "actual cost" under the Income-tax Act is the cost incurred by the assessee, not the seller's written down value. Explanation 3 permits redetermination only where a transfer is mainly intended to reduce tax liability through enhanced depreciation; a valuer's report supporting the price and taxation of the seller's gain may negate such avoidance. An LED panel with a display controller, software-based message changes, memory and processing capabilities may be treated as akin to a computer under the functional meaning of an electronic data-processing system. Depreciation may therefore be available at the rate prescribed for computers. Case-Laws Income Tax Tue, 12 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375084