Depreciation

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....evious year) shall be computed on the written down value of the qualifying ships as specified under sub-section (2). (2) The written down value of the block of assets, being ships ^2[or inland vessels, as the case may be], as on the first day of the first previous year, shall be divided in the ratio of the book written down value of the qualifying ships (hereafter in this section referred to as....

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....e preceding previous year: Provided that any change in the value of the assets consequent to their revaluation after the date on which the Finance (No. 2) Act, 2004 receives the assent of the President shall be ignored;    (b) the book written down value of all the qualifying assets and other assets shall be aggregated; and (c) the ratio of the aggregate b....

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....the book written down value of the asset beginning to be used for purposes other than tonnage tax business bears to the book written down value of all the assets forming the block of qualifying asset. (6) Where an asset forming part of a block of other assets begins to be used for tonnage tax business, an appropriate portion of the written down value allocable to such asset shall be reduced fro....

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....ear shall be allocated in the ratio of the number of days for which the asset was used for the tonnage tax business and for purposes other than tonnage tax business. Explanation 1.- For the removal of doubts, it is hereby declared that for the purposes of this Act, depreciation on the block of qualifying assets and block of other assets so created shall be allowed as if such written down value ....