Section 350 - Ascertainment of depreciation. - Companies Act, 1956

Ascertainment of depreciation. [1] [350. The amount of depreciation to be deducted in pursuance of clause (k) of sub-section (4) of section 349 shall be [2] [the amount of depreciation on assets] as shown by the books of the company at the end of the financial year expiring at the commence ment of this Act or immediately thereafter and at the end of each subsequent financial year [3] [at the rate specified in Schedule XIV]: Provided that if any asset is sold, discarded, demolished or destroyed for any reason before depreciation of such asset has been provided for in full, the excess, if any, of the written-down value of such asset over its sale proceeds or, as the case may be, its scrap value, shall be written off in the financial year in which the asset is sold, discarded, demolished or destroyed.] ------------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 128, for section 350. [2] Substituted for "the amount calculated with reference to the written down value of the assets" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. [3] Substituted by the Companies (Amendment) Act, 1988, section 49 w.e.f. 15-6-1988, for the words: "at the rate specified for the assets by the Indian Income-tax Act, 1922 (11 of 1922) and the rules made thereunder for the time being in force, as normal depreciation including therein extra and multiple shift allowances but not including therein any special, initial or other depreciation or any development rebate, whether allowed by that Act or those rules or otherwise".