TaxTMI 
TaxTMI 
Computation of actual cost.
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....e and allowed under the Central Excise Rules, 1944; (d) subsidy, grant or reimbursement, by whatever name called, if any, relatable to the acquisition of the asset, received, directly or indirectly, by the assessee from- (i) the Central Government; (ii) a State Government; (iii) any authority established under any law; or (iv) any other person. (2) The payment or aggregate of payments exceeding Rs.10000 in a day for acquisition of an asset or part thereof, made to a person in a mode otherwise than by specified banking or online mode, shall be excluded from the actual cost of that asset. (3) In a case where the subsidy, grant or reimbursement referred to in sub-section (1)(d) is not directly....
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....d as a capital asset. Fair Market Value of such inventory as on date of conversion, as determined in the manner as may be prescribed. 4. Where asset is acquired by the assessee by way of gift or inheritance. Actual cost to the previous owner as reduced by- (a) depreciation actually allowed in respect of tax year commencing on 1st April, 1986 or any earlier tax year; and (b) depreciation allowable for tax year commencing on or after 1st April,1987 under this Act or under the Income-tax Act, 1961(43 of 1961), as if such asset was the only asset in the relevant block of asset. 5. Where a building, being the property of the assessee, is put to use for the purpose of business or profession during the tax year.....
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....here an asset is acquired by the assessee from previous owner and subsequently asset is given back to the previous owner by way of lease, hire or otherwise, and- (a) the asset was being used for the purpose of business or profession by the previous owner; and (b) depreciation has been claimed by the previous owner. Actual cost of asset to the assessee shall be the written down value of the asset in the hands of the previous owner at the time of transfer by the previous owner. 9. Where an asset is used in business after it ceases to be used for scientific research related to that business and a deduction is allowable under section 33(3). Actual cost of asset as reduced by deduction allowed for the capital asset ....
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....interest in connection with the acquisition of an asset. Actual cost shall not include so much of such amount as is relatable to any period after such asset is first put to use. (5) Irrespective of anything contained in sub-section (4), other than serial number 8 of the Table in the said sub-section, in a case where the asset is acquired by the assessee, its actual cost shall be such amount as may be determined by the Assessing Officer having regard to all the circumstances of the case, where- (a) the asset was used by any other person for the purposes of his business, before such acquisition; and (b) the Assessing Officer is satisfied that the main purpose of the transfer of the asset, directly or indirectly, was to....