Depreciation applied in the case of aeroplanes.

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.... has pointed out a case where an aeroplane was allowed depreciation at the rate of 40% under E(1) of item III(ii) of Part-I of Appendix 1 to the Income-tax Rules, 1962. According to Audit, the rate applicable was 30% as per entry D (I) of item III(ii) referred to above. The matter has been examined by the Board in consultation with the Ministry of Law and the C&AG and the position is clarified in ....

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....nly when depreciation has to be separately allowed on aero-engines that the rate of depreciation would fall under sub-item E(I) of item III(ii). Similar would be the case if aerial photographic apparatus is to be considered for depreciation separately when the rate would fall under sub-item D(I) of item III(ii). 5. No separate rates have been prescribed for other parts of the aeroplane. Hence i....