Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 759 - AT - Income TaxDisallowance of depreciation - depreciation claimed by the assessee on w.d.v. and new motor car purchased falling under the category of 50% block of depreciation which was not accepted by AO on the basis of specific observation that assessee’s business is not of running cars on hire and assessee’s claim of depreciation under 50% rate is not admissible - Held that:- Assessee was having special block of asset for depreciation @ 50% in the preceding year and in the year under appeal on LMV i.e. Toyota Car which fits in the category of new commercial vehicle because it was purchased in March, 2009 and it clearly falls under the head machinery and plant at Sl.No.3(via) of New Appendix-I as it is acquired after 1st January, 2009 but before 1st October, 2009 and there is no dispute to the fact that this asset was put to use before the first day of October, 2009, therefore, assessee is eligible to claim depreciation under block rate 50%. - Decided in favour of assessee.
|