Capital allowances permit depreciation, initial and terminal deductions where business capital assets are owned or used in trade. Capital allowances comprise depreciation, initial depreciation, terminal allowance, scientific research and development allowance, deferred revenue expenditure allowance and a prescribed deposit scheme deduction. Depreciation, initial depreciation and terminal allowance are allowable only for business capital assets owned, wholly or partly, and used for the business; the ownership requirement does not apply to buildings held under lease or other right of occupancy, and assets under a financial lease are deemed owned. Deferred revenue expenditure allowance is computed in accordance with the Twenty second Schedule.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital allowances permit depreciation, initial and terminal deductions where business capital assets are owned or used in trade.
Capital allowances comprise depreciation, initial depreciation, terminal allowance, scientific research and development allowance, deferred revenue expenditure allowance and a prescribed deposit scheme deduction. Depreciation, initial depreciation and terminal allowance are allowable only for business capital assets owned, wholly or partly, and used for the business; the ownership requirement does not apply to buildings held under lease or other right of occupancy, and assets under a financial lease are deemed owned. Deferred revenue expenditure allowance is computed in accordance with the Twenty second Schedule.
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