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2010 (1) TMI 742 - HC - Income TaxDepreciation - higher rate of depreciation applicable - motor vehicles used in the business of running them on hire - Ownership - held that:- we find no justification for the Tribunal to allow higher rate of depreciation without verifying as to whether the respondents/assessees are even owners of the vehicle and are really leasing out the vehicles in hire purchase agreement as claimed. We, therefore, allow the appeals setting aside the orders of the Tribunal and that of the first appellate authority and remand the matter for verification of factual position by assessing officers and to grant depreciation, if found eligible.
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