TMI Blog2021 (7) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of the assessee as the assessee is not running business of hiring of commercial vehicles - an admitted fact that the assessee is using trucks and JCB etc. for its own business. Besides this the Annexure I has also given the categories under which the 30% of depreciation is allowed. But assessee's case does not fall in that category as well, as the present assessment year before us is 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o to clause (ii) of sub-section (1) of Section (32) of the Income Tax Act, 1961. 3. The assessee is a partnership firm and engaged in the business of Civil Contractor ship under the name and style of M/s. S.N. Malhotra Sons. During the year under consideration, the assessee has shown net profit of ₹ 86,18,827/- on gross receipt of ₹ 18,03,39,419/- thereby showing NP rate of 4.78% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per 3rd proviso to Clause (ii) of sub-section 1 of Section 32 of the Income Tax Act. The Ld. AR submitted that on similar facts, the Tribunal in ITA No. 4375/Del/2012 for Assessment Year 2009-10 in case of ACIT Vs. Deepak Chadha decided the issue and allowed 40% of depreciation on commercial vehicle. The Ld. AR further submitted that the assessee is using the JCB machines and truck for his own bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness of hiring of commercial vehicles. It is an admitted fact that the assessee is using trucks and JCB etc. for its own business. Besides this the Annexure I has also given the categories under which the 30% of depreciation is allowed. But assessee's case does not fall in that category as well, as the present assessment year before us is 2014-15. Therefore, the CIT(A) as well as the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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