https://www.taxtmi.com/caselaws?id=38781 Section 43(1) of the Income-tax Act, 1961 defines "actual cost" more broadly than the corresponding definition under the 1922 Act because it requires deduction of amounts met directly or indirectly by another person or authority. That definition applies to assets acquired before the previous year when computing written down value under section 43(6)(b), which expressly refers to depreciation actually allowed under the repealed Act. The earlier definition is not preserved for pre-1961 assets, and consumers' contributions toward house service connections must therefore be deducted in determining actual cost. The Tribunal's contrary view was rejected, and the computation issue was decided for the Revenue. en-us Tue, 22 Jun 1976 00:00:00 +0530 Fri, 09 Apr 2010 10:34:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38781 Section 43(1) of the Income-tax Act, 1961 defines "actual cost" more broadly than the corresponding definition under the 1922 Act because it requires deduction of amounts met directly or indirectly by another person or authority. That definition applies to assets acquired before the previous year when computing written down value under section 43(6)(b), which expressly refers to depreciation actually allowed under the repealed Act. The earlier definition is not preserved for pre-1961 assets, and consumers' contributions toward house service connections must therefore be deducted in determining actual cost. The Tribunal's contrary view was rejected, and the computation issue was decided for the Revenue. Case-Laws Income Tax Tue, 22 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38781