Amendment status not verified — confirm the current text below against the official source.
(l) The gross amount payable to a licensee, aa•u•t shall be the aggregate value of the amounts specified payallle to below:- Lieen•ec. (i) the book value of all completed worka in beneficial use pertaimng to the undertak· ing and taken over by the Government (excluding works paid for by consumers) less depreciation calculated in accordane• with Schedule I ; (ii) (iii) (iv) the book value of all works in progress taken over by the Government, excludin1 works paid for by consumers or prospective consumers; the book value of an stores includin~ sparo . parts taken over by the Government and in the case of used stores and spare parts. if taken over, such sum as may be decided upon by the Government ; the book value of all other fixed assets in use on the vesting date and taken over by. the Government less depreciation calcu- lated in accordance with Schedule I ; {v) the book value of all plants and equipments existing on the vestin~ date, if tak.-n OV«a' -- by the Government, but no longer in wic owing to wear and tear or to obsole1cence, to the extent such value has not IDeen written off in the books of the licensee less depreciation calculated in accordance:: with Schedule I; I (vi) 4 the amount due from consumers in rcspecl of every hire-purchase agreement referred to in section 7(1) (ii) less a sum which bears to t1' .. difference between the total amount of the instalments and the original cost of the material or equipment; the same proport· ion as the amount due bears to the total amo .. mt of the instalu1ents ; (vii) any amnunt p .. id actually by the licensee in re~p ect of every contract referred to in section 7 ( 1) (iii). Explanation. : - The book value of any fixed asset means its original cost and shall comprise- (i) the t:urchase price paid by the licensee for the aaset, including the cost of delivery and all charge. properly incurred in erecting and brin .. ing the dsset mto beneficial use as shown in the books of the undertaking; (ii) the cost of supervision actually incurred but not excerding fifteen per cent of the amount referred to in pa1agraph \i): Prcwided that hefore deciding the amocmt1 under this sub-sectiun, the licensee shall be given an oppor- tunity by the G0vernm nt of being heard, afrer giving him a notice of at least 15 days therefor. (2) In addition . a s· m equal to 10 per cent of the amounts assessed under la uses ( i) to (iv) of sub-sec- tion (1) shall be paid to the licensee by the Govern- ment, (3) When am· assri is acquired by the licensee after the expiry 01 lhe period to which the latest annual accou11ts r lat ·, the book value of the asset shall be sucb as may b ~ de<:~ded up<m hy the Govern- me11t: Provided that bt>forr deciding the book value of any such assf'.'t, tht> licensee shall be given an oppor- tunity hy the Govrrnmcnt of being heard, after giving him a notice of aL 1edst 15 days therefor. V11tiaa of