https://www.taxtmi.com/caselaws?id=38785 The Supreme Court upheld the decision to include all relevant pre-production expenses in the asset's actual cost for depreciation and development rebate, emphasizing that expenses essential for creating and operationalizing fixed assets should be capitalized. The Court endorsed the Appellate Assistant Commissioner's directive to exclude only non-essential expenses, affirming that pre-production costs related to asset creation and operational readiness must be factored into the asset's cost. As a result, the reference question was answered in favor of the assessee, entitling them to costs and counsel's fee. en-us Wed, 26 Nov 1975 00:00:00 +0530 Fri, 09 Apr 2010 10:45:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38785 The Supreme Court upheld the decision to include all relevant pre-production expenses in the asset's actual cost for depreciation and development rebate, emphasizing that expenses essential for creating and operationalizing fixed assets should be capitalized. The Court endorsed the Appellate Assistant Commissioner's directive to exclude only non-essential expenses, affirming that pre-production costs related to asset creation and operational readiness must be factored into the asset's cost. As a result, the reference question was answered in favor of the assessee, entitling them to costs and counsel's fee. Case-Laws Income Tax Wed, 26 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38785