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Sec 350 - Ascertainment of depreciation.
The amount of depreciation to be deducted in pursuance of clause (k) of sub-section (4) of section 349 shall be the amount of depreciation on assets as shown by the books of the company at the end of the financial year expiring at the commencement of this Act or immediately thereafter and at the end of each subsequent financial year at the rate specified in Schedule XIV:
Provided that if any asset is sold, discarded, demolished or destroyed for any reason before depreciation of such asset has been provided for in full, the excess, if any, of the written down value of such asset over its sale proceeds or, as the case may be, its scrap value, shall be written off in the financial year in which the asset is sold, discarded, demolished or destroyed.
**Sections 351 to 354 are not reproduced here as they have become redundant afterthe abolition of the system of managing agent, secretaries and treasurers by Act17 of 1969 w.e.f. 3rd April, 1670.
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