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2004 (1) TMI 10 - HC - Income TaxHigher rate of depreciation on the vehicles given on lease - taxability of interest on zero coupon bonds as it was shown in the books of accounts of the assessee - whether retrenchment compensation paid to workmen would be admissible as business expenditure - Tribunal has examined the matter in detail and pointed out on facts that interest has not accrued and, in any event, tax will have to be paid by the assessee on the maturity of the bond – Tribunal has given reasons and it decided on the facts and, therefore, no question of law would arise – further, it would not be possible to say that the Tribunal has committed any error in so far as the allowance of retrenchment compensation as a business expenditure is concerned. - Tribunal in the instant case has rendered the decision on the facts. Whether the vehicles were given on hire or on lease is a question of fact. Again whether the vehicles given on lease were in turn being used for the business of hire is a question of fact. The Tribunal on the facts has rendered the decision and held that the assessee was entitled to depreciation at the higher rate. Therefore, no question of law arises for our consideration. – Revenue’s appeal dismissed
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