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2021 (11) TMI 419 - AT - Income TaxDisallowance of depreciation on JCB Machine - @ 15% or 40% - Assessee claimed depreciation on block of asset of plant and machinery @ 40%. AO allowed the claim of depreciation at the normal rate of 15%, thereby, disallowed the alleged excess claim of depreciation on JCB Machine in the reassessment order. HELD THAT:- Hon’ble High Court in CIT Vs Gloard [2009 (8) TMI 1156 - KERALA HIGH COURT] held that JCB is a motor vehicle within the meaning of the said term as it is registered a a motor vehicle under Motor Vehicle Act and it answers the description of Motor Lorry within the meaning of the relevant entry in Income tax Rules and therefore entities for higher rate of depreciation. Thus, respectfully following the order of Hon’ble Kerala High Court, we direct the AO to delete the disallowance of depreciation, disallowed by him. - Decided in favour of assessee.
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