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2021 (12) TMI 366 - HC - Income TaxEntitlement for additional depreciation on hiring buses - assessee is a Trust registered u/s 12A - assessee claimed additional depreciation for the school buses operated by the assessee provided for the above additional service - only argument canvassed is that the receipts received by the assessee in this behalf are included in the business income and, therefore, the assessee is automatically entitled to additional rate of depreciation - HELD THAT:- The judgment of the Supreme Court in Gupta Global Exim P. Ltd [2008 (5) TMI 7 - SUPREME COURT] is a complete answer to the said contention canvassed by the assessee. Gupta Global Exim P. Ltd held that the user of vehicles in the business of the assessee is the test and that the receipt/income is included in the business income would not i.e., qualify for additional depreciation. Except the above, no other point is urged. In our view the point urged is no more res integra and the test laid down by the Supreme Court in Gupta Global Exim P. Ltd is clear on the point. By appreciating the circumstances and also following the judgment in Gupta Global Exim P. Ltd the questions are answered in favour of the Revenue and against the assessee.
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