(1)The actual cost of an asset used for the purposes of the business or profession shall be the actual cost to the assessee, as reduced by the following amounts:—(a)part of cost of asset, if any, met by any other person or authority, directly or indirectly;(b)goods and services tax paid in respect of which credit of input tax has been claimed and allowed under the relevant law;(c)duty of excise or additional duty leviable under section 3 of the Customs Tariff Act, 1975 in respect of which a claim of credit has been made 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.
