1997 (10) TMI 37 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled in favor of the assessee in an income-tax reference case. The Tribunal was correct in allowing depreciation at 50% for buses used in the transport business. The Court upheld the Tribunal's decision and disagreed with the CIT's order under section 263 of the IT Act. The assessee's business of plying buses justifies the higher depreciation rate of 50%.