Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (2) TMI 673 - HC - Income TaxAccelerated depreciation at the rate of 50% for new commercial vehicles acquired on or after the 1st day of January, 2009, but before the 1st day of October, 2009, and put to use before the first day of October, 2009, for the purposes of business or profession - exhibit P10 notification dated April 21, 2009 challenged - Held that:- Benefit of enhanced depreciation was introduced initially through exhibit P9 notification with effect from April 1, 2009. The said benefit was continued till September 30, 2009, through exhibit P10 notification. In so far as the benefit of enhanced/accelerated depreciation was conferred taking into account the policy decision of the Union Government to stimulate the country's economy, it cannot be viewed as a situation similar to the introduction of a new rate of tax during the middle of an assessment year. exhibits P9 and P10 notifications were issued in response to a situation that called for incentives so as to boost the economy that was facing recessionary trends. The measures introduced in the Income-tax Rules to further the policy decision of the Union Government, cannot be seen as akin to the introduction of a new rate of tax, for the purposes of mounting a challenge against the same as arbitrary. Thus, do not find any merit in the challenge against exhibit P10 notification on the ground that the same offends the fundamental rights of the petitioner under article 14 of the Constitution of India. Resultantly, the writ petition fails, and is accordingly dismissed. - Decided against assessee.
|