Depreciation on hire-purchase plant remains admissible where prescribed conditions are met; development rebate follows same basis. Depreciation on plant and machinery acquired on hire-purchase is admissible at the usual rates where the Board's prescribed conditions are met, and the same basis applies to development rebate; the Board's circular and letter remain effective and must be followed despite Revenue Audit objections.
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 on hire-purchase plant remains admissible where prescribed conditions are met; development rebate follows same basis.
Depreciation on plant and machinery acquired on hire-purchase is admissible at the usual rates where the Board's prescribed conditions are met, and the same basis applies to development rebate; the Board's circular and letter remain effective and must be followed despite Revenue Audit objections.
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