2010 (1) TMI 382

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..... Held that- the main use of the vehicles should be to let on hire and not to use in the assessee’s own business. Since the items were predominantly used in the assessee’s own business, thus the assessee is entitled to depreciation only at normal rate which is granted. Consequently the appeal is dismissed.
RAMACHANDRAN NAIR C. N., MOHANAN V. K. JJ P. Balakrishnan for the appellant. Jose Joseph .....

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..... l letting out of the tipper trucks and JCB entitles the assessee for higher rate of depreciation under item 3 of Appendix I of the Depreciation schedule under rule 5 of the Income-tax Rules, 1962. However, we notice that higher rate of depreciation is available for motor bus, motor trailers and motor taxies used in the business of running them on hire. Even though counsel for the assessee has reli .....

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