Depreciation allowable on WDV without reducing loan waiver

Shapers India Private Limited Vs DCIT (ITAT Pune)

We find that the assessee spent hypothetical figure of Rs.100 on the purchase of the Machinery in the year ending 31.3.2003. This Rs.100 constitutes the actual cost to the assessee in that year in terms of section 43(1) without the aid of the Explanation 10. It was during the year ending 31.3.2006 that the assessee got waiver of loan of Rs. 40. Such waiver of loan is in the nature of `the cost of an asset … met directly or indirectly … by any other person, in the

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