https://www.taxtmi.com/caselaws?id=292428 The Tribunal upheld the order of the ld CIT(A) allowing the assessee's appeal under section 47 of the Act regarding the transfer of assets to a subsidiary company. The Tribunal relied on a previous case involving Essar Oil Ltd to support the decision that the cost of acquisition for depreciation should be based on the actual price paid by the assessee. The Tribunal found no fault in the ld CIT(A)'s order and dismissed the department's appeal, affirming the allowance of depreciation based on the actual price paid by the assessee. en-us Fri, 31 Aug 2012 00:00:00 +0530 Wed, 23 Dec 2020 13:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292428 The Tribunal upheld the order of the ld CIT(A) allowing the assessee's appeal under section 47 of the Act regarding the transfer of assets to a subsidiary company. The Tribunal relied on a previous case involving Essar Oil Ltd to support the decision that the cost of acquisition for depreciation should be based on the actual price paid by the assessee. The Tribunal found no fault in the ld CIT(A)'s order and dismissed the department's appeal, affirming the allowance of depreciation based on the actual price paid by the assessee. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292428