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            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.

            <h1>Balancing charge treats recovery of depreciation as business income, with any excess taxed as capital gains on disposal.</h1> When consideration on disposal of a depreciable asset exceeds its written down value, the amount equal to depreciation previously claimed is taxable as a balancing charge as business income, and any remaining surplus is taxable as capital gains. If the asset is disposed of in the same year it was first used, profit is treated as capital gains rather than a balancing charge. Receipts such as sale price, insurance, salvage or compensation are taxed in the year they become due or in the year of receipt for government acquisition compensation.

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