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2021 (12) TMI 564 - HC - Income TaxEligibility of profits and deductibility of profits arising under Section 115JB - whether the assessee is entitled to claim deduction under Section 80HHC - HELD THAT:- As per reported judgments in Ajanta Pharma Ltd. v. Commissioner of Income-Tax [2010 (9) TMI 8 - SUPREME COURT] order of the Supreme Court in Kerala Chemicals and Proteins Ltd v. Commissioner of Income Tax [2012 (9) TMI 1214 - SUPREME COURT] AND BHARI INFORMATION TECH SYSTEMS (P) LTD. [2011 (10) TMI 19 - SUPREME COURT]to state that the issue is concluded by these judgments in favour of assessee. Depreciation at 40% on commercial vehicles used for assessee's own business - whether the percentage of depreciation accepted by the CIT (Appeals) and Tribunal at 40% is correct or not? - HELD THAT:- Old appendix I applicable for the Assessment Year 2003-04 deals with different slabs of depreciation applicable to vehicles used for different purposes. After juxtaposing the schedule with the nature of activity carried on by the assessee, we are of the view that the finding of fact recorded by the Tribunal is in accordance with the said schedule and the substantial question of law in the facts and circumstances of this case does not arise for consideration under Section 260A of the Act.
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