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2010 (1) TMI 52 - AT - Income TaxDisallowance - Depreciation - assessee derives income from leasing of various assets and the lease rent received by the assessee was Rs. 56.65 crores - it is evident that the assessee is entitled to normal rate of depreciation i.e., 15 per cent on the motor cars other than those used in the business of running them on hire - As per Entry No. (3)(ii) the depreciation is allowable on the motor taxis used in the business of running them on hire - It was explained by the learned counsel that the motorcar used in the business of running them on hire is in common parlance referred to as motor taxi - Held that: when the motor cars are used in the business of running them on hire the assessee would be entitled to higher rate of depreciation as per Entry No. III(3)(ii) - Appeal is allowed
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