Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 1126 - AT - Income TaxHigher rate of depreciation on lorries - 30% as claimed by assesse 0R 15% as per AO - Held that:- As already noticed that the assessee is not engaged in the business of running the vehicles on hire. The facts prevailing in the decision rendered by the hon'ble Madhya Pradesh High Court in the case of Kailash Chand Bagaria v. CIT [2001 (4) TMI 80 - MADHYA PRADESH High Court] is identical to the facts prevailing in the instant case. Hence, we do not find any infirmity in the decision rendered by the learned Commissioner of Income-tax (Appeals) in holding that the assessee is not entitled for a higher rate of depreciation on the vehicles used in his own business. Accordingly, we confirm his order. - Decided against assesse.
|