TMI Blog2014 (12) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... COURT] it has been held that amendment to Section 40(a)(ia) by Finance At, 2010 has retrospective effect – thus, the assessee would be entitled to benefit of the proviso added to Section 40(a)(ia) vide Finance Act, 2010 – the disallowance u/s 40(a)(ia) cannot be sustained. Rate of depreciation on trucks – Held that:- The Tribunal rightly recorded that the assessee had entered into contracts wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel with Mr. Ruchir Bhatia, Advocate For the Respondent : Through ORDER Sanjiv Khanna, J. (Oral) 1. The first issue raised in the present appeal relates to additions made by the Assessing Officer under Section 40(a)(ia) of the Income Tax Act, 1961 on the ground that the tax deducted at source was deposited with the government after the end of the relevant Assessment Year. It is ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Central Board of Direct Taxes (CBDT) which is applicable. The said circular reproduced in [1993] 202 ITR 55 (ST.) 55, reads:- Subject: Section 32 of the Income-tax Act, 1961 Rate of depreciation on motor lorries used in the business of transportation of goods Regarding. Under sub-item 2(ii) of Item No. III of Appendix I to the Income Tax Rules, 1962 higher rate of depreciation is adm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of depreciation, however, will not apply if the motor buses, motor lorries, etc. are used in some other non-hiring business of the assessee . 3. The factual findings by the Tribunal is that the assessee had entered into contracts with the third parties for the transportation of coal, iron etc. The aforesaid factual finding shows that the assessee was plying the motor lorries for hire. Transpor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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