Section 5(2) in The Indian Electricity (Uttar Pradesh Amendment and Validation) Act, 1975
(2)The gross amount payable to such licensee shall be the aggregate value of the amounts specified below-(i)the book value of all completed work in beneficial use pertaining to the undertaking and taken over by the State Electricity Board, the State Government or local authority, as the case may be (excluding works paid for by consumers), less depreciation calculated in accordance with the Sixth Schedule read with the Seventh Schedule of the Electricity (Supply) Act, 1948;(ii)the book value of all works in progress taken over, excluding works paid for by the consumers or prospective consumers;(iii)the book value of all stores, including spare parts taken over, and in the case of used stores and spare parts, if taken over, such sum as may be decided upon by the Special Officer referred to in sub-section (6) (hereinafter referred to as the Special Officer);(iv)the book value of all other fixed assets in use on the date of vesting under Section 7, hereinafter referred to as the vesting date, and taken over, less depreciation calculated in accordance with the said Schedules:(v)the book value of all plants and equipments existing on the vesting date, if taken over but no longer in use owing to wear and tear or to obsolescence, to the extent such value has not been written off in the books of the licensee, less depreciation calculated in accordance with the said Schedules;Explanation. - The book value of any fixed asset means its original cost, and shall comprise-(i)the purchase price paid by the licensee for the asset, including the cost of delivery and all charges properly incurred in erecting and bringing the asset into beneficial use as shown in the books of the undertakings;(ii)the cost of supervision actually incurred, but not exceeding fifteen per cent of the amount referred to in paragraph (i) :Provided that before deciding the amount under this sub-section, the licensee shall be given an opportunity by the Special Officer of being heard, after giving him a notice of at least 15 days therefor.
