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Depreciation - Section 32

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..... 19 to 31.03.20 15% 30% 30% 45% Renewable Energy Devices- i. Being wind mills and any specifically designed devices which run on wind mills installed on or after 1-4-2014 ii. Being any special devices including electric generators and pumps running on wind energy installed on or after 1-4-2014 In case windmills and its equipment installed before 1-4-2014 40% 15% Oil Wells 25% Books owned by assessees carrying on a profession Books, being annual publications 40% Books, other than those covered by entry (a) above 40% Books owned by assessees carrying on business or in running lending libraries 40% Ships 20% Aeroplanes 40% Air pollution control Equipments, Water Pollution Control Equipments 15% Computers/Laptop and its equipments [ Exclude EPAB .....

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..... on shall not be considered as an asset for the said sub-section. Section 43(6) relating to meaning of WDV has been amended to provide that for the purpose of charging depreciation w.e.f. AY 2021-22 in case of Intangible assets, WDV of goodwill computed shall be reduced from WDV of Intangible block of Assets. Section 55 provides that if goodwill of business or profession ( on which depreciation claimed till PY 19-20) is transferred during PY 20-21 or thereafter then Cost of acquisition of goodwill for the purpose of Capital Gain shall be the actual cost minus depreciation claimed. Depreciation in respect of imported motor car Depreciation shall not be allowed in respect of imported motor car acquired before the 1 st April, 2001. Exceptions W .....

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..... c company which has exercised option u/s 115BA , or u/s 115BAA or u/s 115BAB ; or an Individual or HUF which has exercised option u/s 115BAC ; or a Co-operative society resident in India which has exercised option u/s 115BAD . Other Relevant Information - Depreciation on Assets given for right to use or on installmentse As per hire purchase agreement ownership of assets will be on the payment of last installment, therefore ownership will not transfer till the last installment and hence assessee can claim depreciation Boston Scientific India Pvt. Ltd, Versus DCIT, Circle-4 (2), New Delhi 2023 (4) TMI 186 - ITAT Delhi . Increase in share capital No depreciation is allowed on increase of share capital, as no new asset is formed and such expens .....

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