https://www.taxtmi.com/caselaws?id=36098 A rebate received from a foreign supplier as compensation for low output from defective machinery was not a reduction in the purchase price and therefore did not have to be deducted in computing the machinery's actual cost under section 43(1) of the Income-tax Act, 1961. The Court held that, on the facts, no part of the asset cost was met directly or indirectly by the supplier, and the earlier provision in the 1922 Act did not require a different result. The actual cost of the machinery remained unchanged, and the issue was decided in favour of the assessee. en-us Thu, 25 Sep 1980 00:00:00 +0530 Fri, 19 Mar 2010 12:56:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36098 A rebate received from a foreign supplier as compensation for low output from defective machinery was not a reduction in the purchase price and therefore did not have to be deducted in computing the machinery's actual cost under section 43(1) of the Income-tax Act, 1961. The Court held that, on the facts, no part of the asset cost was met directly or indirectly by the supplier, and the earlier provision in the 1922 Act did not require a different result. The actual cost of the machinery remained unchanged, and the issue was decided in favour of the assessee. Case-Laws Income Tax Thu, 25 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36098