Depreciation rates: Schedule XIV rates are minimum; higher bona fide technological depreciation may be provided with proper disclosure in accounts. Schedule XIV and the amended provisions operate effectively from April 1987; companies need not recompute specified period if they follow Circular No.1 of 1986 and may continue old SLM rates for existing assets. Schedule XIV rates are minimum for assets acquired after applicability and lower rates are not permitted; higher rates are allowable on bona fide technological grounds with disclosure. SLM rates must be determined consistent with Schedule XIV, taking into account the Schedule's fractional-year basis.
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Provisions expressly mentioned in the judgment/order text.
Depreciation rates: Schedule XIV rates are minimum; higher bona fide technological depreciation may be provided with proper disclosure in accounts.
Schedule XIV and the amended provisions operate effectively from April 1987; companies need not recompute specified period if they follow Circular No.1 of 1986 and may continue old SLM rates for existing assets. Schedule XIV rates are minimum for assets acquired after applicability and lower rates are not permitted; higher rates are allowable on bona fide technological grounds with disclosure. SLM rates must be determined consistent with Schedule XIV, taking into account the Schedule's fractional-year basis.
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