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2009 (4) TMI 410 - HC - Income TaxDepreciation- The respondent-assessee is a private limited company deriving its income primarily from leasing out lorries and buses to interested third parties. The assessee claimed depreciation on the trucks/buses at the rate of 40 percent under clause 3(ii) of Part A under head III of Appendix I of the rule. While Assessing Officer held that the assessee was entitled to depreciation under clause (2) of item III of par A of Appendix I to the Rule. Commissioner and Tribunal held that assessee was entitled to depreciation at the rate of 40 percent. Held that- clause 3(ii) relates to the user of a vehicle by a third party for consideration. The Tribunal had rightly determined the depreciation under clause 3(ii). Dismissing the appeal.
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