https://www.taxtmi.com/caselaws?id=17993 The Tribunal upheld the Income-tax Officer's decision to not deduct capital subsidy from asset costs for depreciation. It also ruled in favor of granting 100% depreciation on pre-production expenditure for gas cylinders, emphasizing that "actual cost" includes all expenses to make the asset operational. The Commissioner's order was deemed baseless, and the appeal was allowed based on relevant case law. The Court agreed with the Tribunal's decision, dismissing the application under section 256(1) as it did not raise any new legal questions and was covered by existing precedents. The applicant's counsel fee was allowed at Rs. 750. en-us Wed, 13 Mar 1996 00:00:00 +0530 Sat, 26 Sep 2009 11:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17993 The Tribunal upheld the Income-tax Officer's decision to not deduct capital subsidy from asset costs for depreciation. It also ruled in favor of granting 100% depreciation on pre-production expenditure for gas cylinders, emphasizing that "actual cost" includes all expenses to make the asset operational. The Commissioner's order was deemed baseless, and the appeal was allowed based on relevant case law. The Court agreed with the Tribunal's decision, dismissing the application under section 256(1) as it did not raise any new legal questions and was covered by existing precedents. The applicant's counsel fee was allowed at Rs. 750. Case-Laws Income Tax Wed, 13 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17993