https://www.taxtmi.com/caselaws?id=37898 The High Court of Kerala addressed issues concerning depreciation on assets received as gifts and the determination of actual cost under the Income Tax Act. The court emphasized the need for a balanced interpretation to uphold the law's intent while benefiting the assessee. Referring to past decisions, the court directed the Tribunal to reexamine the matter in light of discussed principles and decisions. The court declined to directly answer the legal questions, leaving the final decision to the Tribunal for further analysis in accordance with the law and court guidance. en-us Fri, 01 Sep 1978 00:00:00 +0530 Thu, 01 Apr 2010 16:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37898 The High Court of Kerala addressed issues concerning depreciation on assets received as gifts and the determination of actual cost under the Income Tax Act. The court emphasized the need for a balanced interpretation to uphold the law's intent while benefiting the assessee. Referring to past decisions, the court directed the Tribunal to reexamine the matter in light of discussed principles and decisions. The court declined to directly answer the legal questions, leaving the final decision to the Tribunal for further analysis in accordance with the law and court guidance. Case-Laws Income Tax Fri, 01 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37898