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2021 (7) TMI 369 - AT - Income TaxDepreciation on JCB, Trucks - @15% OR 30% - AO allowed depreciation @15% holding that the assessee does not run the business of vehicles on hire - HELD THAT:- After perusal of 3rd proviso to Section 32(1)(ii) of the Income Tax Act, 1961, it can be seen that the said Section is not applicable in the present case of the assessee as the assessee is not running business of hiring of commercial vehicles - an admitted fact that the assessee is using trucks and JCB etc. for its own business. Besides this the Annexure I has also given the categories under which the 30% of depreciation is allowed. But assessee's case does not fall in that category as well, as the present assessment year before us is 2014-15. CIT(A) as well as the Assessing Officer has rightly restricted the claim of depreciation to that of 15%. - Decided against assessee.
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