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TMI Blog2015 (10) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee is entitled to higher rate of depreciation at the rate of 30 per cent. Accordingly, we set aside the order of the learned Commissioner of Income-tax (Appeals) on this issue and restore the issue to the file of the Assessing Officer with a direction to allow depreciation on vehicles at the rate of 30 per cent. - Decided in favour of assessee for statistical purposes. - ITA No. 68 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has claimed depreciation on vehicles at the rate of 30 per cent. The higher rate of depreciation of 30 per cent. is applicable for vehicles running on hire. The Assessing Officer took the view that the assessee has used the vehicles in the business of road construction and trading which activities are the main business activities of the assessee and hence, the assessee is not entitled for hig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee. 4. On the contrary, the learned Departmental representative strongly defended the order passed by the learned Commissioner of Income-tax (Appeals). 5. Having regard to the rival contentions, we are of the view that there is a merit in the contention of the assessee. A perusal of the profit and loss account would show that the sales and other income disclosed by the assessee for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing income and the tax authorities have failed to take notice of the same. We agree with the said contention of learned counsel. Since the financial statements clearly prove that the assessee has received rental receipts on hiring of vehicles, we are of the view that the assessee is entitled to higher rate of depreciation at the rate of 30 per cent. Accordingly, we set aside the order of the learn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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