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2020 (2) TMI 1571 - AT - Income TaxDepreciation claim on vehicles to 15% instead of 30% claimed by the assessee - higher rate of deprecation - case of assessee being engaged in the business of contract - Whether contract entered between the assessee and the oil companies is not a case of hiring motor vehicles simplicitor? - HELD THAT:- There was a clear finding to the effect that effective control and possession of the aircraft/vehicles was retained by the persons making the payments. In the instant case, from the reading of the terms of contract, it is clear that this is not a case of hiring of motor vehicles simplicitor. Unless the assessee is engaged in the business of hiring of motor vehicles simplicitor, she will not be entitled to the claim of higher rate of depreciation of 30%. In this case, the assessee is engaged in contract business and is not in the business of letting vehicles on hire simplicitor. Hence the assessee is not entitled to the claim of higher rate of depreciation. - Decided against assessee.
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