Depreciation applied in the case of aeroplanes.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... iation 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 dealin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he rate of depreciation would fall under sub-item E(I) of item III(ii). Similar would be the case if aerial photographic apparatus is to be considered for depreciation separately when the rate would fall under sub-item D(I) of item III(ii). 5. No separate rates have been prescribed for other parts of the aeroplane. Hence if such parts come up for consideration for depreciation separately the rate .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X