https://www.taxtmi.com/caselaws?id=39581 Depreciation on machinery turned on the meaning of "actual cost" under two tax regimes. For assessment year 1961-62, the 1922 Act treated actual cost as the assessee's own cost, subject only to the limited statutory adjustment then available, so the machinery cost remained Rs. 30,572. For assessment years 1962-63 to 1965-66, section 43(1) of the 1961 Act required actual cost to be reduced by any amount not in substance borne by the assessee; the cessation of liability to the foreign supplier and the write-back of that liability meant the amount could no longer be treated as part of actual cost for depreciation and written-down value. en-us Tue, 04 Dec 1973 00:00:00 +0530 Mon, 19 Apr 2010 10:07:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39581 Depreciation on machinery turned on the meaning of "actual cost" under two tax regimes. For assessment year 1961-62, the 1922 Act treated actual cost as the assessee's own cost, subject only to the limited statutory adjustment then available, so the machinery cost remained Rs. 30,572. For assessment years 1962-63 to 1965-66, section 43(1) of the 1961 Act required actual cost to be reduced by any amount not in substance borne by the assessee; the cessation of liability to the foreign supplier and the write-back of that liability meant the amount could no longer be treated as part of actual cost for depreciation and written-down value. Case-Laws Income Tax Tue, 04 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39581