TMI BlogDepreciationX X X X Extracts X X X X X X X X Extracts X X X X ..... ation of any block of assets shall not exceed forty per cent. of the written down value of such block of assets in case of - (i) a domestic company which has exercised option under sub-section (4) of section 115BA, or under sub-section (5) of section 115BAA, or under sub-section (7) of section 115BAB; or (ii) an individual or a Hindu undivided family which has exercised option under sub-section (5) of section 115BAC; or (iia) an individual or a Hindu undivided family, or an association of persons (other than a co-operative society) or a body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 whose income is chargeable to tax under sub-section (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on the 1st day of April, 2021; (ii) there is a depreciation allowance, in respect of a block of asset, from any earlier assessment year which is attributable to the provisions in clause (iia) of sub-section (1) of section 32; and (iii) such depreciation is not allowed to be set off under sub-clause (a) of clause (ii) of sub-section (2) of section 115BAC or clause (ii) of sub-section (2) of section 115BAD, the written down value of the block of asset as on the 1st day of April, 2020 shall be increased by such depreciation not allowed to be set off. ] 5 [ Provided also that, where income is chargeable to tax under sub-section (1A) of section 115BAC, the written down value of the block of asset as on the 1st day of April, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, be allowed depreciation under sub-rule (1) read with Appendix I, if such option is exercised before the due date for furnishing the return of income under sub-section (1) of section 139 of the Act, ( a ) for the assessment year 1998-99, in the case of an undertaking which began to generate power prior to 1st day of April, 1997; and ( b ) for the assessment year relevant to the previous year in which it begins to generate power, in case of any other undertaking : Provided also that any such option once exercised shall be final and shall apply to all the subsequent assessment years. (2) Where any new machinery or plant is installed during the previous year relevant to the assessment year comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther 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 Eleventh Schedule to the Act. Explanation : For the purposes of this sub-rule, ( a ) laboratory financed by the Government means a laboratory owned by any body [including a society registered under the Societies Registration Act, 1860 (21 of 1860)], and financed wholly or mainly by the Government ; ( b ) public sector company means any corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 617 of the Compani ..... X X X X Extracts X X X X X X X X Extracts X X X X
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