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2020 (11) TMI 1015 - HC - Income TaxHigher rate of depreciation - Depreciation on the vehicles as supplied to the Indian Oil Corp. Ltd. and Bharat Petroleum Corporation Ltd., under a contract for transporting LPG cylinders - @ 30% or 15% - nature of assessee business - whether an assessee is entitled to claim higher depreciation at the rate of 30%? - HELD THAT:- Admittedly, the assessee is involved in supplying her vehicles on the basis of a contract, for the purpose of transportation of LPG Cylinders of M/s. Indian Oil Corporation and Bharat Petroleum Corporation Ltd. This clearly shows that the business of the appellant is, facilitating transportation. The consideration is paid by the hirers on the basis of rates per kilometre. Thus as relying on decision of Commissioner of Income Tax v. S.C.Thakur and Bros. [2009 (1) TMI 20 - BOMBAY HIGH COURT] holding that higher rate of depreciation of 30% is applicable to motor lorries used in transportation business. - Decided in favour of assessee.
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