Depreciation on plant and machinery purchased on hire-purchase system.

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..... ying that depreciation on plant and machinery purchased on hire-purchase system would be admissible at the usual rates if the conditions stated therein were fulfilled. The Board, vide its letter F.No.27 (20)-IT/59 dated 26th June, 1959 (copy enclosed) further clarified that the same basis should be followed for development rebate also. 2. It has now been brought to the notice of the Board that i .....

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