Depreciation

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....of such block of assets as are used for the purposes of the business or profession of the assessee at any time during the tax year. (2) The allowance under section 33(3) in respect of depreciation of any block of assets with respect to the persons mentioned in Column B of the following Table shall not exceed 40% of the written down value of such block of assets, if conditions mentioned in colum....

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.... specified in column (2) of the Table in Appendix II, shall be calculated at the percentage specified in the column (3) thereof on the actual cost to the assessee as are used for the purposes of the business of the assessee at any time during the tax year. (4) The aggregate depreciation allowed under section 33(2), in respect of any asset for different tax years shall not exceed the actual cost....

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....ss) or other know- how developed in; or (b) is an article or thing invented in, a laboratory owned or financed by the Government or a laboratory owned by a public sector company or a University or an institution recognised in this behalf by the Secretary, Department of Scientific and Industrial Research, Government of India, such plant or machinery shall be treated as a part o....

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....including any process) or other know-how developed in such laboratory or is an article or thing invented in such laboratory ; and (iii) the machinery or plant is not used for the purpose of business of manufacture or production of any article or thing specified in the list in the Schedule XIII to the Act. (8) For the purposes of sub-rule (7),- (a) "laboratory financed by the G....