2007 (6) TMI 172

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..... is directed against the order of the Income-tax Appellate Tribunal in I. T. A. No. 1538/Mds/2004 dated February 17, 2006. 2. The facts leading to the filing of the above appeal are as follows 3. The issue relates to the assessment year 2000-01. The assessee is a company carrying on the business of leasing out commercial vehicles on hire purchase basis. The assessee claimed depreciation at 40 pe .....

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..... is entitled for higher depreciation ?" 5. Mr. T. Ravikumar, learned standing counsel appearing for the Revenue fairly submits that the issue raised in this appeal is squarely covered by the decision of this court in CIT v. Madan and Co. [2002] 254 ITR 445. 6. In CIT v. Madan and Co. [2002] 254 ITR 445, this court has held as follows (page 446) "The word 'hire' used in this entry is only meant .....

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