Depreciation for ships now prescribed as percentage of actual cost, with varying percentages by acquisition period. Substitution of clause (i) of section 32(1) provides that for ships other than those ordinarily plying on inland waters depreciation shall be allowed as a prescribed percentage on the actual cost to the assessee, and that different percentages may be prescribed for different periods with regard to the date of acquisition.
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 for ships now prescribed as percentage of actual cost, with varying percentages by acquisition period.
Substitution of clause (i) of section 32(1) provides that for ships other than those ordinarily plying on inland waters depreciation shall be allowed as a prescribed percentage on the actual cost to the assessee, and that different percentages may be prescribed for different periods with regard to the date of acquisition.
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