.....Mr. Gamma, a proprietor started a business of manufacture of tyres and tubes for motor vehicles on 1.1.2017. The manufacturing unit was set up on 1.5.2017. He commenced his manufacturing operations on 1.6.2017. The total cost of the plant and machinery installed in the unit is ` 120 crore. The said plant and machinery included second hand plant and machinery bought for ` 20 crore and new plant and machinery for scientific research relating to the business of the assessee acquired at a cost of ` 15 crore. Compute the amount of depreciation allowable under section 32 of the Income-tax Act, 1961 in respect of the assessment year 2018-19.
Dec. 08, 2017