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TMI BlogDepreciation - Section 115VKX X X X Extracts X X X X X X X X Extracts X X X X ..... ying ships as specified under section 115VK(2). Separate blocks of assets of qualifying assets and non-qualifying assets (other assets) * 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 asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appearing in the books of account as on the last day of the preceding previous year. * 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther than the tonnage tax business, 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. * For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of written down value allocable to the asset which begins to be used for the tonnage tax business shall be an amount which bears the same proportion to the written down value of the block of other assets as on the first day of the previous year as the book written down value of the asset beginning to be used for tonnage tax business bears to the total book written down value of all the assets fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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