TMI BlogDepreciation - Section 115VKX X X X Extracts X X X X X X X X Extracts X X X X ..... the qualifying ships as specified under sub-section (2). Separate blocks of qualifying assets and other assets [ Section 115VK(2) ]:- The written down value of the block of assets, being ships, as on the first day of the first previous year, shall be divided in the ratio of the book written down value of the qualifying ships (hereafter in this section referred to as the qualifying assets) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... previous year. Provided that any change in the value of the assets consequent to their revaluation after the date on which the Finance (No. 2) Act, 2004 receives the assent of the President shall be ignored Step 2:- the book written down value of all the qualifying assets and other assets shall be aggregated Step 3: - Determine the ratio of the aggregate book written down value of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess, shall be an amount which bears the same proportion to the written down value of the block of qualifying assets as on the first day of the previous year as the book written down value of the asset beginning to be used for purposes other than tonnage tax business bears to the book written down value of all the assets forming the block of qualifying asset.] Situation which an asset forming p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ten down value of all the assets forming the block of other assets.] For the purposes of computing depreciation in respect of an asset mentioned above i.e. assets bring into use for partly purpose or partly period, depreciation computed for the previous year shall be allocated in the ratio of the number of days for which the asset was used for the tonnage tax business and for purposes other th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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