Principles for determining amount payable for acquisition of cashew factories

Paragraph I The amount to be paid by the Government for the acquisition of a cashew factory shall be the sum total of the value of the properties and assets at the factory existing on the appointed day, calculated in accordance with the provisions of Paragraph II. Paragraph II (a) (i) In respect of any land which was part of the factory at the time of establishment of the factory, the value of such land at the time of establishment of the factory; (ii) In respect of any land acquired by the owner or occupier for the purposes of the factory subsequent to the establishment of the factory, the value of such land at the time of such acquisition; (b) The cost of any buildings at the time of construction minus depreciation at the rate of 5 per cent per annum subject to a maximum of 50 per cent depreciation; (c) The actual cost of acquiring any plant, machinery or other equipment which has not been worked or used and the written down value (determined in accordance with the provisions of the Income-tax Act, 1961) of any other plant, machinery or other equipment, provided that such written down value shall not be less than 25 per cent of the actual cost of acquiring such plant, machinery or other equipment.