Depreciation

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....wance for depreciation is to replace the value of an asset to the extent it has depreciated during the period of accounting relevant to the assessment year and as the value has, to that extent, been lost, the corresponding allowance for depreciation takes place.   Black's Law Dictionary (5th Edn.) defines 'depreciation' to mean, inter alia:   "A fall in value; reduction....

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....iven period of useful life of property."   Parks in Principles & Practice of Valuation (Fifth Edn., at page 323) states: As for building, depreciation is the measurement of wearing out through consumption, or use, or effluxion of time. Paton has in his Account's Handbook (3rd Edn.) observed that depreciation is an out-of- pocket cost as any other costs. He has further observed-the dep....