Change in the Definition of Actual Cost in respect of Capital Assets in respect of which deduction or part of deduction allowed u/s 35AD - New proviso to the Explanation 13 to Section 43(1) - Budget 2017-18 w.e.f. AY 2018-19
3 February, 2017
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Actual cost adjustment for assets subject to investment-linked deduction reduces cost by allowable depreciation, altering basis for deemed income. The proviso to Explanation 13 provides that where a capital asset in respect of which deduction or part of deduction was allowed under section 35AD is ... Summary
Actual cost adjustment for assets subject to investment-linked deduction reduces cost by allowable depreciation, altering basis for deemed income.
The proviso to Explanation 13 provides that where a capital asset in respect of which deduction or part of deduction was allowed under section 35AD is deemed to be the assessee's income under sub section (7B), the asset's actual cost shall be the actual cost reduced by an amount equal to depreciation calculated at the rate in force that would have been allowable had the asset been used for business since acquisition.
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