TMI Blog2009 (2) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. On the ground that the same were hired by outsider from whom total receipt of Rs.28,940 were hired by outsider from of the view that the assessee was not engaged in the transportation business and therefore, not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g and sale of stones excavated from the mines and the trucks are used mainly for its business of mining. They are used mainly for carrying the stones from the mine-site to the sales depot or to the godown of the assessee. If the trucks are used for its own business, then they are entitled to depreciation at 30 per cent. only, as the assessee was not using the trucks in the business of running them ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re mainly used for carrying the stones from the mines to the sales depot. As the trucks were mainly used by the assessee in its own business for carrying the stones from the mine-site to the sales depot, the case of the assessee is covered by entry No.III(ii)D(9) and not by, entry No. III(ii)E(IA), and as such the assessee is entitled to depreciation at 30 per cent. and not at 40 per cent. In this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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