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2009 (2) TMI 400 - RAJASTHAN HIGH COURTDepreciation- The assessee is a registered firm engaged in purchase and sale of lime stone and transportation work on behalf of Kota Thermal Power Project The assessee-firm owned two trucks and claimed depreciation at the rate of 40 per cent. The Income Tax officer was of the view that the assessee was not engaged in the transportation business and, therefore, not entitled for higher rate of depreciation. The Assistant Commissioner allowed the assessee’s claim which was confirmed by the Tribunal. Held that- the Tribunal was not right in holding that the assessee was entitled to depreciation on truck at 40 percent, as against 30percent allowed by the Income Tax Officer.
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