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2018 (3) TMI 1526 - HC - Income TaxDisallowance of assessee's claim of depreciation on truck - assessee has shown hire charges of ₹ 24,000/per truck per annum and also claimed depreciation - Held that:- The Commissioner Appeals and the Tribunal have concurrently held that, hire charges were low was not relevant since assessee had received substantial interest free huge deposits for hire of truck. The assessee owned fifteen trucks, nine from Akola unit and six from Daman unit. The Tribunal has observed that, the assessing officer could not have termed the transaction of hire of trucks as sale of truck. It is observed that, the hire charges were less was not relevant since assessee has received substantial interest free deposit, which helped assessee to reduce his dependence from the interest bearing funds. The reasonings adopted by the Commissioner Appeals and the Tribunal is plausible one - No substantial question of law.
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