Amendment status not verified — confirm the current text below against the official source.
It is hereby declared that this Act is for giving effect to the policy of the State towards securing the principles specified in Clause (b) of Article 39 of the Constitution of India. SCHEDULE I [See section 6 ( 1) ] For purposes of determining the amount payabk under section 6 (1 ), the depreciation shall be calculated at annual rates arrived at by dividing ninety per"cent ofthe book value of each "'sset by the number of years of life of the ,.asset as specified in the table below. For the year in which an asset was brought into beneficial use, the depreciation shall be calcula· ted at half the annual rate and for the period after the licensee's last 13 completed financial year till the vesting date, the depreciation shall be caleu- la ted pro-rata. Depreciation shall not be calculated for any period beyo,nd the life of the asset as prescribed herein. Description of asset (1) A. Land owned under full title B. Land held under lease- (a) for investment in the land (b) for cost of clearing site C. Assets purchased new- fa) Plant and machinery in generating stations, includim? plant foundations- (i) Hydro-electric (ii) Steam electric (iii) Diesel electric (b) Cooling towers and circu- lating water systems. ( c) Hydraulic works forming part of a hydro-electric system including- {i) dams, spillways, weirs, canals, reinforced con- cretes flumes !lnd sypho1;1,S. (ii) reinforced concrete - pipelines and surge tanks, steel pipelines, sluice gates, steel surge tanks, hydraulic control valves and other hydraulic works. Table Number of years of life of asset (2) Infinity. Th{ period of the lease, or the period remaining unexpired on the assigi!!J:ient of the lease. The period of the lease remammg unexpired at the date of clearing the site. Thirty-five. Twenty-five. Fifteen. Thirty. One hundred. forty. ,I 14 ( d) Buildings and civil engineering works of a permanent character, not mentioned above-- (i) offices and show-rooms Fifty. (ii J containing thermo-electric generation plant. (iii) containing hydro-electric generating plant. (iv) temporary erections such as wooden structures. (iva) roads other than kateha roads (v) Others (c) Transformers, transformer .kiosks, sub-station equipment and other fixed apparatus (including phmt foundations)- (i) transformers (including foundations) having a rating of 100 kilovolt amperes and over. (ii) others (f) switchgear, including cable connections (ff) Lightening arrestors- (i) Station type (ii) Pole type (iii) Synchronous condensers (g) Batteries ... (h)(i) underground e<ibles including joint boxes and disconnecting boxes. (ii) Ce.blo due• system , .. - '" Thirty. Thirty-five. Five. One hundred. Fifty. Thi rtytdi.ve. Twenty-five. Twenty. Twenty. Fifteen. Thirty-five. Ten • Forty. Sl.xty. I I . . 1.5 (i) Overhead lines including support- {i) lines on fabricated steel supports operating at nominal voltages higher than 66 kilovolts. Thirty-five. (ii) lines on steel supports operating at nominal voltages higher than 13·2 kilovolts but not Thirty. exceeding 66 kilovolts. · (iii) lines on steel or reinforced concrete supports Twenty-five. (iv) lines on treated wood support (j) Meters (k) Self-propelled vehicles (1) Static machine tools (m) Air conditioning (i) Static plant- (ii) Portable ... (n) (i) office furniture and fittings (ii) office equipment . . . . .. (iii) Internal wiring, including fitting and apparatus. (iv) Street-light fittings (o) Apparatus let on hire- (i) other than motors (ii) Motors (p) Communications equipment- Twenty. Fifteen. Seven. Twenty. Fifteen. Seven. Twenty. Ten. Fifteen. Fifteen. Seven. Twenly. (i) radio and high frequency carrier system (ii) telephone lines and telephone Fifteen. Twenty. D. Assets purchased second hand and assets not otherwise pro- vided for in this table. AGP. (Leg.) No.9/73-2,500-21-5·7~ . Such reasonable period as Government deter- mines in each case having regard to the natul'e, age and condition of the asset at tho time of its acquisition by the licensee.