TMI Blog2002 (11) TMI 793X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by the Tribunal, New Delhi in ITA 2089/Del/2001, pertaining to the asst. yr. 1995-96. 2. Two main issues namely, (i) whether action under s. 147(a) of the IT Act, 1961, was validly initiated, and (ii) whether the assessee was entitled to claim depreciation @ 40 per cent on the vehicles which had been leased out by it to third parties, were raised before the Tribunal. 3. While allowing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n otherwise, insofar as this Court is concerned, it has been held that an assessee is entitled to higher depreciation in respect of the leased out vehicles used in the business of running them on hire by the assessee himself or by the third party. [See CIT vs. Bansal Credits Ltd. : ITA No. 16 of 2002, decided on 13th Nov., 2002] [reported at (2003) 179 CTR (Del)23'Ed.]. 5. In this view of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
