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Burden to determine "actual cost" of assets in accordance with law is on Assessing officer
Case Law Details
- Case Name
- Chitra Publicity Co. Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 05
- Courts
- All ITAT, ITAT Ahmedabad
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RELEVANT PARAGRAPH
17. After careful consideration of1 above provisions and facts and circumstances of the case, I am unable to accept the stand of the Revenue. As noted above actual cost should ordinarily mean real cost or real worth of assets. If it is not market value, then what is it? Mechanism to take W.D.V as provided in Explanation 2 to Section 43(6)(c) is not available in Explanation 3 o auction 43(1). Further, assets whose actual cost is to be determined under Explanation 3 are second hand and it is always difficult to find actual cost or value of such assets as compared to new assets...
