Restriction on depreciation deductions: new exclusions for certain motor cars and a fifty percent rule for short use assets. Amendment restricts depreciation deductions by excluding non Indian manufactured motor cars (with limited use exceptions) and machinery or plant whose cost is already allowed under a Central Government agreement, and by providing that assets in a block acquired and used for less than 180 days in the previous year receive only fifty per cent of the prescribed depreciation for that block.
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.
Restriction on depreciation deductions: new exclusions for certain motor cars and a fifty percent rule for short use assets.
Amendment restricts depreciation deductions by excluding non Indian manufactured motor cars (with limited use exceptions) and machinery or plant whose cost is already allowed under a Central Government agreement, and by providing that assets in a block acquired and used for less than 180 days in the previous year receive only fifty per cent of the prescribed depreciation for that block.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
