Deduction under section 32(1)(iii): terminal allowance may be allowed without additional book write off when tax depreciation claimed. Where an assessee has been allowed depreciation under income tax rules, the Board considers that the assessee need not again write off an amount equal to the terminal allowance; the deduction under section 32(1)(iii) may be allowed on the basis of the written down value according to income tax records without an additional book write off.
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Provisions expressly mentioned in the judgment/order text.
Deduction under section 32(1)(iii): terminal allowance may be allowed without additional book write off when tax depreciation claimed.
Where an assessee has been allowed depreciation under income tax rules, the Board considers that the assessee need not again write off an amount equal to the terminal allowance; the deduction under section 32(1)(iii) may be allowed on the basis of the written down value according to income tax records without an additional book write off.
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