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 ... Summary
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.
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