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2015 (7) TMI 442 - AT - Income TaxDisallowance of depreciation - Depreciation @40% or 15% - Held that:- The material fact that the lorries were used in assessee’s own business and had never been hired clearly clinches the issue against the assessee - In view of the clear legislative mandate which permits higher depreciation only to vehicles which were given out on hire, the claim has rightly been rejected by the CIT(A). - Following decision of CIT vs Varindra Construction Company [2012 (4) TMI 332 - PUNJAB AND HARYANA HIGH COURT] - Decided against assessee.
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