Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (1) TMI 504 - HC - Income TaxDisallowance - Depreciation - The grievance of the appellant that 40 per cent. depreciation is allowable when in a business, motor lorries and motor taxis are used - Delhi High Court in CIT v. Bansal Credits Ltd. reported in [2002 -TMI - 12136 - DELHI High Court) - It is clear that it is the end user of the specified asset which is relevant for determining the percentage of depreciation - Once it is accepted that the leasing out of the vehicles is one of the modes of doing business by the assessee and, in fact, the income from such leasing is treated as business income of the assessee, it would be clearly contradictory in terms to hold that the vehicles in question were not used wholly for the purpose of the assessee’s business and the assessee is bound to get the benefit under such Appendix I and thereby should get the benefit of receiving the percentage of depreciation at higher rate which is specified in the said entry at 40 per cent - Accordingly it is decided in the favour of the assessee
|