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TMI Blog2013 (4) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the course of assessment proceeding it was observed by the A.O. that the assessee has claimed depreciation on motor vehicles @ 30% whereas as per normal provisions, depreciation @ 15% is allowable to the assessee. On being asked, it was stated that the assessee has claimed depreciation on Armoured/Security vans @ 30% amounting to Rs. 67,22,156/- on the plea that it is engaged in the business of secured transportation of diamond and jewellery, cash, precious metals, ATM services and safe deposit vaults etc. for which it uses motor lorries customized as Armoured/Security vans and further that these Armoured/Security vans are customized motor lorries which are used in the business of running them on hire for transportation of valuables; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es leave to amend or alter any grounds or add a new ground which may be necessary." 4. At the time of hearing the learned D.R. supports the order of the A.O. 5. On the other hand the ld. counsel for the assessee, at the outset, submits that the issue is covered in favour of the assessee by the decision of the Tribunal in assessee's own case for the assessment years 2001-02 to 2006- 07. He further submits that the Hon'ble jurisdictional High Court in CIT vs. M/s Brinks Arya India Pvt. Ltd. vide judgment dtd. 29-3-2011 has upheld the order of the Tribunal by holding that the decision of the Tribunal is based on the finding of fact and no substantial question of law arise in these appeals and, hence, dismissed the Revenue's appeal. He furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional air courier shipments to and India. 2) To manufacture, repair, buy sell, lease and deal in property and equipment concerning the transportation of valuables a detailed in the preceding clause including safes, chest and cash protectors. 3) To provide security and handling services including services relating to clearing, forwarding, transportation, safe custody, travel handling and coin processing. We further find that it is also not in dispute that the majority of the assets are relating to transport and the main income of the assessee company is from freight and related charges. Under item [2][ii] of heading III PLANT AND MACHINERY of Appendix I of table of rate of depreciation, the higher rate of depreciation is admissible on mot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as its main business. Under the aforesaid facts and circumstances, the decision relied on by the Ld.DR in CIT vs. Gupta Global Exim P. Ltd is distinguishable and not applicable to the facts of the present case. That being so and keeping in view that the revenue has failed to controvert the finding of the ld. CIT[A], we are of the view that the assessee is entitled to claim depreciation @ 40% and accordingly, we are inclined to uphold the finding of the ld. CIT[A] in directing the AO to allow depreciation on security vans @ 40%. The ground taken by the revenue is, therefore, rejected." 8. The above order of the Tribunal has been followed by the Tribunal in assessee's own case for the assessment years 2004-05 to 2006-07. 9. In CIT vs. M/s B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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