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2010 (7) TMI 652 - ITAT KOLKATADisallowance of depreciation - The assessee is a partnership firm carrying on business as Stevedor, Clearing & Forwarding Agent and Contractor of Commercial Vehicles and leases out Earth Moving Vehicles - Assessee claim depreciation @ 30% - CIT directed the AO to disallow and add back to the total income of the assessee, the excess depreciation claimed @ 15% i.e. Rs. 39,02,625/- out of Rs. 78,05,251 - was submitted that a mobile crane or an excavator which is registered as a heavy motor vehicle with the RTO would clearly fall within the expression “motor lorries” in entry IIIE(1A) of Table in Appendix I under Rule 5 of the Income Tax Rules, 1962 - Therefore in the instant case, the Tata, JCB and 400V wheel loaders are covered within the expression “motor lorries” which are used in business of running them on hire and the AO had correctly allowed the claim of depreciation u/s. 32 in the sum of Rs. 78,05,251/- applying the rate of 30% - Appeal is allowed
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