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2016 (9) TMI 1189 - CALCUTTA HIGH COURT

2016 (9) TMI 1189 - CALCUTTA HIGH COURT - TMI - Depreciation on pay loaders - nature of asset - Held that:- Pay loaders are used on hire for excavation of soil and are also used equally for transport of the excavated soil. Pay loaders are also registered as “motor vehicles” with the road transport authorities. In that view of the matter the contention of the assessee was upheld. - Decided against revenue - GA NO.3530 OF 2015, ITAT NO.144 OF 2015 - Dated:- 5-9-2016 - ACJ Girish Chandra Gupta And .....

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ars 2004-05 and 2005-06 preferred by the assessee were allowed. Briefly stated the dispute was whether pay loaders are covered by the expression motor lorries so that the assessee is entitled to depreciation at a higher rate. Initially, the assessing officer had allowed the claim holding that the pay loaders were motor lorries. CIT in exercise of power under section 263 intervened and issued notices. However, after hearing the assessee the proceedings under section 263 were dropped. Thereafter r .....

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