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Depreciation allowance at the rate of 30% for the vehicles given on hire denied - It was engaged in the business of hiring trucks and those trucks cannot be treated as 'motor vehicles other than those used in the business of running them on hire' so as to limit the depreciation allowance to 15%. - HC

Income Tax - Depreciation allowance at the rate of 30% for the vehicles given on hire denied - It was engaged in the business of hiring trucks and those trucks cannot be treated as motor vehicles other than those used in the business of running them on hire so as to limit the depreciation allowance to 15%. - HC - TMI Updates - Highlights .....

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