Here are the point-wise differences between depreciation and obsolescence:

Depreciation:

Depreciation is the gradual decrease in the value of an asset over time due to wear and tear, age, and/or use.
It is a predictable process and can be estimated based on the useful life of the asset and its expected residual value.
Depreciation affects most physical assets, such as buildings, machinery, vehicles, and equipment.
It can be calculated and used for financial reporting and taxation purposes.
Depreciation is usually taken into account when determining the value of an asset in the balance sheet.

Obsolescence:

Obsolescence is the sudden decrease in the value of an asset due to changes in technology, consumer preferences, or other factors that make it no longer useful or desirable.
It is less predictable and can occur suddenly and unexpectedly.
Obsolescence can affect both physical and intangible assets, such as software, patents, and trademarks.
It can have a significant impact on the value of an asset, and it is often difficult to plan for or mitigate its effects.
Obsolescence is usually not taken into account when determining the value of an asset in the balance sheet.

In summary, depreciation is a predictable and gradual decrease in the value of an asset due to wear and tear, age, and/or use, while obsolescence is a sudden and often unpredictable decrease in value due to changes in technology, consumer preferences, or other factors.