Depreciation classification: apply special rates to specified concerns and general rates where no special rate applies. Assessing officers must apply the revised depreciation framework by first checking whether machinery and plant fall under item III(ii) so that special concern level rates apply; for specified asset types the assessee may elect depreciation at the special asset rates under item III(iii), in which case those assets follow item III(iii) rates and remaining plant follows the concern rate. If item III(ii) does not apply, officers must grant special asset rates under item III(iii) where eligible; assets not covered by items III(ii) or III(iii) attract the general rate. The revised Table prescribes special rates for certain machinery and a general rate for other plant.
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Depreciation classification: apply special rates to specified concerns and general rates where no special rate applies.
Assessing officers must apply the revised depreciation framework by first checking whether machinery and plant fall under item III(ii) so that special concern level rates apply; for specified asset types the assessee may elect depreciation at the special asset rates under item III(iii), in which case those assets follow item III(iii) rates and remaining plant follows the concern rate. If item III(ii) does not apply, officers must grant special asset rates under item III(iii) where eligible; assets not covered by items III(ii) or III(iii) attract the general rate. The revised Table prescribes special rates for certain machinery and a general rate for other plant.
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