TMI Blog2003 (9) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the circumstances of the case, the Tribunal was justified in holding that assessee is entitled to depreciation at the higher rate of 40 per cent and not 30 per cent on the trucks used by assessee for its business ? 2. The facts leading to filing of this application, briefly stated, are that the assessee M/s Bansiwala Iron Steel Re-rolling Mills, Ajmer (for short, 'the assessee') is a registered firm carrying on its business of manufacturing of bars, and flats from the raw material of semi-finished ingots and iron scrap. The assessee had purchased a truck for its own business purpose and not for plying on hire and the assessee is not carrying on transporter business. 3. In the return for the asst. yr. 1982-83 the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned counsel for the Revenue, contended that the question aforesaid is a question of law which involved in this case and the learned Tribunal has committed a serious error in not referring the same for opinion of this Court. It has next been contended that Manjeet Stone Company's case has no application to the present case on which reliance was placed by the learned Tribunal while deciding the matter in favour of the assessee. Mrs. Jain submitted that reference of Manjeet Stone Company's case is wholly irrelevant. That matter has been considered by this Court in CIT v. Manjeet Stone Co. and the question referred to this Court has been decided against the assessee. 5. Mr. S.K. Jain, the learned counsel for the assessee, conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f truck. Referring to the relevant rules the learned Tribunal held that they clearly provided that in case the trucks being used for hire, then the depreciation allowable is at the rate of 40 per cent. Thus, on the question of fact whether the truck, in this case the traitor, has been plied on hire or not on the basis of material produced on record the learned Tribunal recorded a finding of fact that the truck trailer has derived the income and that income, if we go by the facts, as we find, is ₹ 91,078 for five and half months, out of which ₹ 60,000 was earned from hire business and ₹ 30,545 were for the personal goods of the assessee. 8. It is true and as what it is held by this Court in the case of CIT v. Manjeet Sto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anjeet Stone Co. (supra) also it is not necessary that unless the assessee undertakes the transportation business 40 per cent depreciation cannot be allowed. The insistence and thrust was upon the fact that whether there is any income from hiring of the truck, with the exception that a nominal income may not be taken as income from hiring of the truck. In this case, on the material produced on the record, the finding of fact has been recorded by the learned Tribunal that the assessee has receipts from hiring of the truck and that, as said earlier, is also substantial, which is not a perverse finding. 9. Taking into consideration the matter from any angle we are satisfied that no question of law does arise in the matter for our considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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