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[Cites 0, Cited by 0] [Section 35] [Entire Act]

State of Tamilnadu - Subsection

Section 35(2) in Madura Sugars Limited (Acquisition and Transfer of Undertaking) Act, 1984

(2)Notwithstanding such repeal, anything done or, any action taken under the said Ordinance, shall be deemed to have been done or taken under this Act.First Schedule[See section 9(3)1For purposes of payment of amount under section 9, the depreciation shall be calculated at annual rates arrived at by dividing 90 per cent of the book value of each asset by the number of years of life of the asset as specified in the Table below. For the account year, in which an asset was brought into beneficial use, the depreciation shall be calculated at half the annual rate and for the period after the last completed account year till the vesting date, the depreciation shall be calculated pro-rata. Depreciation shall not be calculated for any period beyond the life of the asset as prescribed herein.For the years, in which the undertaking has worked for double shifts or triple shifts, extra depreciation on the machineries shall be calculated at half the normal depreciation or at an amount equal to normal depreciation, respectively, in addition to the normal depreciation referred to above. The amount of extra depreciation for double or triple shifts working shall be in proportion to the number of days for which the undertaking, has worked for double or triple shifts, as the case may be, bear to the actual number of working days in the respective years or 180 days, whichever is greater.
SI. No. Description of assets No. of years or period
(1) (2) (3)
1. Land Infinite.
2. Buildings  
  (i) Factory Buildings Twenty-two years.
  (ii) Offices, Godown, Officers and EmployeesQuarters, Roads, Bridges,Culverts, Wells and Tube-wells. Forty-five years.
  (iii) Temporary Erection One year.
3. Assets purchases new---  
  A. (i) Plant andMachinery (Excluding Sugar Mill Rollers)(ii) Sugar Mill Rollers Fifteen years.
One year.
  B. (i) OfficeFurniture(ii)Typewriters,Duplicators,Air-conditions, etc.(iii) Furniture usedin Schools,Libraries, Welfare Centres, Meeting Halls.(iv)Laboratory equipments Twenty-two years.Fifteen years.Fifteen years.Twenty-two years
  C.Electrical equipments Fifteen years.
  D.Vehicles---(i)Cycles, Motor Cars(ii)Buses, Lorries, Tractors Ten years.Six Years.
4. Assets purchased second hand and assets nototherwise provided for in this Table. Such reasonable period as the Governmentdetermine in each having regard to the nature, age and conditionof the asset at the time of its acquisition by the Government.
Second Schedule[See sections 18, 20, 21, 23 and 26]Order Of Priorities