https://www.taxtmi.com/caselaws?id=37604 Expenses directly or intimately connected with acquiring ships and bringing them to a condition for use, including travelling, supervision, launching, delivery and related legal charges, formed part of the ships' actual cost for depreciation. The expression "actual cost" was held not to be confined to the price paid to the vendor but to extend to expenditure incurred in connection with acquisition of the capital asset. The disputed amounts were therefore capital in nature and includible in the capital cost of the ships for depreciation purposes. en-us Tue, 09 Jan 1979 00:00:00 +0530 Tue, 30 Mar 2010 18:35:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37604 Expenses directly or intimately connected with acquiring ships and bringing them to a condition for use, including travelling, supervision, launching, delivery and related legal charges, formed part of the ships' actual cost for depreciation. The expression "actual cost" was held not to be confined to the price paid to the vendor but to extend to expenditure incurred in connection with acquisition of the capital asset. The disputed amounts were therefore capital in nature and includible in the capital cost of the ships for depreciation purposes. Case-Laws Income Tax Tue, 09 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37604