1984 (7) TMI 219 - AT - Income Tax

Summary

The Department appealed the decision regarding depreciation rate on lorries for the assessment year 1980-81. The Appellate Tribunal upheld the decision of the AAC, allowing depreciation at an enhanced rate of 40 percent based on the notification effective from 24th July, 1980. The Tribunal rejected the Department's argument that the enhanced rate should apply only from the next assessment year, emphasizing the immediate effect specified in the notification. The revenue's appeal was dismissed.