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2012 (8) TMI 773 - HC - Income TaxDepreciation on Motor cars - ITAT entitled the assessee to depreciation at the rate of 50% as against 20% fixed by AO - Held that:- As it is agreed that the vehicles in the present case are light motor vehicles (LMV) Rule 5(1) of the Income Tax Rules, 1962 defines that Depreciation on it subject to the provisions of sub-rule(2), the allowance under clause (ii) of sub-section (1) of section 32 in respect of depreciation of any block of assets shall be calculated at the percentages specified in the second column of the Table in Appendix-I. As per APPENDIX-I PART-A (TANGIBLE ASSETS), III MACHINERY AND PLANT (3) (vi)Note 6 of the table “Commercial vehicle” means …............. “light motor vehicle” , thus vehicles in respect whereof depreciation has been claimed by the respondent at 50% per annum are light motor vehicles and that the above provisions of the Act and the Rules apply in the present case - in favour of assessee.
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