05 January 2010
The rates contained in schedule XIV should be viewed as the minimum rates. However, if on the basis of bona fide technological evaluation,higher rates of depreciation are justified, they may be provided with proper disclosure by way of note forming part of annual accounts.
Ref:- 1)Circular no 2 of 1989 dated 07/3/1989. 2)Note no 5(ii) to schedule XIV.
In view of the above Schedule XIV rates are not mandatory.
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