Valuation of second-hand machinery and fixing up scales of depreciation

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Full Text of the Document

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....f depreciation. Attention is invited to Ministry's instructions of even number dated 19-11-1987 wherein rates of depreciation were fixed for the purpose of arriving at the assessable value of second-hand machinery. 2. In para 3 of the above-mentioned letter, it was stated that the depreciation will be calculated on the original value of the machinery under import and that officers of the Customs....