Depreciation accounting: book-recorded depreciation at Schedule XIV rates governs deduction, with write-off on premature asset disposal. The amount of depreciation deductible is the amount of depreciation on assets as shown by the company's books at the end of the financial year, at the rate specified in Schedule XIV. If an asset is disposed of before it is fully depreciated, any excess of the written-down value over its sale proceeds or scrap value must be written off in the financial year of disposal.