Amendment status not verified — confirm the current text below against the official source.
Taking over of vehicles, etc.— Upon the cancellation of a per mit, the State Government shall, when the owner of the vehicle so desires within a specified period, take over such vehicles held under the cancelled permit including spare-parts and other accessories as may be found in the opinion of the State Government in usable condition on payment of the value thereof determined in accordance with the provisions in sub-section (2) The value of the vehicle, spare-parts and other accessories taken over under sub-section (1) shall be determined by the officer pres cribed as follows:— (a) In respect of vehicle, the value will be the cost as at the date of transfer, of replacing the vehicle by a new vehicle of a simi lar type, less depreciation at the rate of 25 per cent, per annum on the declining values from the date of first registration with a margin of Rs.500 either way as an allowance for the con dition of the vehicle. (A) Spare-parts and new tyres and tubes would be valued at cost to the owner subject to a maximum of the market price obtaining at date of the transaction. (c) Other assets taken over by the State would be valued by negotia tion.