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2023 (11) TMI 845 - AT - Income TaxRevision u/s 263 - Excess depreciation on the tipper (goods vehicle) which are used for delivery of stone to the party - PCIT supposed to allow the claim @ 15% as against 30% allowed by AO - HELD THAT:- The assessee is running the business since long. The assessee claimed the depreciation in two blocks; i) @ 15% and another @ 30%. On that basis the assessment was completed in earlier years and the depreciation was duly accepted by the ld. AO. The balance and the chart of depreciation was duly submitted before the ld. AO during assessment proceeding. The assessee also in revisional proceeding explained before the PCIT about the variation of rate of depreciation in two blocks. The rate of depreciation was duly supported by the Income Tax Rule 1962 and also it is duly covered in the case of Bharat Carriers Ltd. [2022 (5) TMI 1599 - ITAT CUTTACK] So, there is no ambiguity for accepting the depreciation @ 30% for tipper which used in the assessee’s business for hiring for transporting the goods. We find that the assessment order is not at all erroneous and prejudicial to the interest of revenue. Assessee appeal allowed.
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