Depreciation applied in the case of aeroplanes.

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....ation 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 the following paragraphs. 2. The two relevant entries dealing....