Valuation of second-hand machinery and fixing up scales of depreciation

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..... of depreciation. Attention is invited to Ministry's instructions of even number dated 19-11-1987 wherein rates of depreciation were fixed for the purpose of arriving at the assessable value of second-hand machinery. 2. In para 3 of the above-mentioned letter, it was stated that the depreciation will be calculated on the original value of the machinery under import and that officers of the Custom .....

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..... ce of the new machinery as in its year of manufacture, the scale or depreciation should be calculated on the basis of the price of the new machinery as declared in the Chartered Engineer's certificate without going into the question as to whether this price pertains to the current c.i.f. price or the c.i.f. price in the year of its manufacture. The earlier instructions dated 19-11-1987 are modifie .....

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