https://www.taxtmi.com/caselaws?id=28585 A cash grant received from the Government and used to acquire capital assets was not a "gift" of an asset within Explanation 2 to Section 43(1) of the Income-tax Act, because money has no written down value in that statutory sense. The court also held that the expression "any other person or authority" in Section 43(1) is wide enough to include Government, so amounts met directly or indirectly by the grantor must be deducted in computing actual cost. The grant therefore reduced the actual cost of the assets for depreciation purposes. en-us Thu, 23 Sep 1982 00:00:00 +0530 Tue, 23 Feb 2010 18:15:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28585 A cash grant received from the Government and used to acquire capital assets was not a "gift" of an asset within Explanation 2 to Section 43(1) of the Income-tax Act, because money has no written down value in that statutory sense. The court also held that the expression "any other person or authority" in Section 43(1) is wide enough to include Government, so amounts met directly or indirectly by the grantor must be deducted in computing actual cost. The grant therefore reduced the actual cost of the assets for depreciation purposes. Case-Laws Income Tax Thu, 23 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28585