2012 (9) TMI 1222

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..... (Per Sri GR, J) : Following the judgment of the Madras High Court in Commissioner of Income-Tax vs. Madan and Co. (254 ITR 445), the Income Tax Appellate Tribunal, Hyderabad Bench partly allowed the assessee's appeal in I.T.A.No.445/H/2002 by the order dated 31.09.2009, for the Assessment Year 1998-99 and declared that the assessee shall be entitled to depreciation at the rate of 40% on the vehi .....

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..... nd letting the vehicle on hire for short duration on payment of hire charges. Applying this ratio to the facts of the present case, the Tribunal allowed the assessee's appeal holding that that it was leasing out its vehicles as a part of its business and allowed the higher rate of depreciation, of 40%. In the circumstances, we find no question of law let alone a substantial question of law fallin .....

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