1997 (10) TMI 37

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..... following two questions have been referred by the Tribunal for answer by this Court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was entitled to claim depreciation at 50 per cent instead of 33-1/3 per cent, as provided by the law ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was just .....

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..... erred by the Tribunal. We have gone through the record and after considering the matter, we are of the opinion that the view taken by the AO appears to be justified. The question for consideration in this case is as what is the business of the assessee. The assessee is doing transport business of transporting passengers from one place to the other. Therefore, the business of the assessee is a tr .....

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..... tled to depreciation. Similarly, if the owner is doing the business of giving his motor cars on hire as taxies, then also he will be entitled to get the depreciation to the extent of 50 per cent. Therefore, the view taken by the Tribunal appears to be well justified. We, therefore, answer both the questions in favour of the assessee and against the Revenue.    
Case laws, Decisi .....

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