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2020 (12) TMI 977 - AT - Income TaxHigher depreciation claim - Receipt from business of hiring of plant and machinery - AO to restrict depreciation on plant and machinery @ 15% as against the claim @ 30% by assessee - HELD THAT:- Assessee in this assessment year has received total receipt and from which the assessee has received from hiring which is more than 66% of the total receipt. The assessee’s claim is that since the substantial income i.e. 2/3rd of its income is from hiring business, it qualifies for higher depreciation @ 30%. For that the Ld. A.R has relied on the decision of Hon’ble Rajasthan High Court in Bansiwala Iron & Steels Ltd. [2003 (9) TMI 813 - RAJASTHAN HIGH COURT] find that assessee’s income from hiring constitutes more than 2/3rd of its total income therefore since the assessee’s substantial income is from hiring business, relying on the ratio laid (supra), the assessee’s claim for higher depreciation should be allowed @ 30% instead of 15% allowed by the AO. Therefore, the assessee’s claim of allowing higher depreciation @ 30% is directed to be allowed.
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