https://www.taxtmi.com/caselaws?id=39822 The expression "actual cost" was construed in its commercial and accountancy sense because the Act did not define it. Expenditure directly incurred to bring the rayon factory and machinery into existence and into working condition, including installation expenses, survey and mortgage-related charges, construction wages and salaries, expediting rewards, and interest on deferred payment or borrowed capital used for setting up the plant, was treated as part of capital cost. The source of funds was held immaterial for depreciation purposes. On that basis, the disputed amount formed part of the actual cost of the assets, and depreciation and development rebate were available on it. en-us Mon, 13 May 1974 00:00:00 +0530 Tue, 20 Apr 2010 15:01:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39822 The expression "actual cost" was construed in its commercial and accountancy sense because the Act did not define it. Expenditure directly incurred to bring the rayon factory and machinery into existence and into working condition, including installation expenses, survey and mortgage-related charges, construction wages and salaries, expediting rewards, and interest on deferred payment or borrowed capital used for setting up the plant, was treated as part of capital cost. The source of funds was held immaterial for depreciation purposes. On that basis, the disputed amount formed part of the actual cost of the assets, and depreciation and development rebate were available on it. Case-Laws Income Tax Mon, 13 May 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39822