2004 (11) TMI 70

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..... the Income-tax Act, 1961, hereinafter referred to as "the Act", for opinion to this court: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is entitled to depreciation on truck at 40 per cent, as against 30 per cent, allowed by the Income-tax Officer and upheld by the Appellate Assistant Commissioner? 2. Whether, on t .....

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..... eld that the notification dated July 24, 1980 providing higher depreciation at 40 per cent, is applicable in the present case and consequently the respondent-assessee is entitled to depreciation at 40 per cent. We have heard Sri A.N. Mahajan, learned standing counsel for the Revenue. Nobody has appeared for the respondent-assessee. It is well settled that in the Income-tax Act the law as stands .....

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