Section 32 of the Income-tax Act, 1961--Rate of depreciation on motor lorries used in the business of transportation of goods--Regarding

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..... ome-tax/ All Directors-General of Income-tax. Sir, Under sub-item 2(ii) of Item No. III of Appendix I to the Income-tax Rules, 1962, higher rate of depreciation is admissible on motor buses, motor lorries and motor taxis used in a business of running them on hire. A question has been raised as to whether, for deriving the benefit of higher depreciation, motor lorries must be hired out to some o .....

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