Depreciation rates for specified asset classes determine allowable deductions against adjusted or written down block values. Depreciation allowance fixes percentage rates for specified blocks of assets to be applied to the adjusted or written down value of those blocks. The Schedule enumerates asset classes and sub-classes with prescribed depreciation rates, prescribes full allowance where actual cost has been deducted earlier, allows full write-off for small-value intangible blocks under a threshold, and directs that renovation, improvement or extension to buildings attract the percentage appropriate to the building class. Detailed definitions and illustrative lists classify assets for rate application.
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.
Depreciation rates for specified asset classes determine allowable deductions against adjusted or written down block values.
Depreciation allowance fixes percentage rates for specified blocks of assets to be applied to the adjusted or written down value of those blocks. The Schedule enumerates asset classes and sub-classes with prescribed depreciation rates, prescribes full allowance where actual cost has been deducted earlier, allows full write-off for small-value intangible blocks under a threshold, and directs that renovation, improvement or extension to buildings attract the percentage appropriate to the building class. Detailed definitions and illustrative lists classify assets for rate application.
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