2006 (8) TMI 662

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..... n proposed for the admission of this appeal: " Whether on facts and circumstances of the case the Income Tax Appellate Tribunal was right in law and on facts in holding that the respondent was entitled to depreciation at the rate of 40% on the trailers and loaders?" While considering the factual aspects, the Tribunal has considered this issue in paragraph 4 of it's order, which is reproduced .....

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..... come reflect in the profit and loss account, depreciation @ 40% is admissible to the appellant." When there is no dispute to the fact that income is earned by giving the trailers and loaders on hire, the assessee is entitled for depreciation at the rate of 40%. Considering this admitted fact, we see no reason to interfere. Nothing has been shown that the finding is perverse. No substantial quest .....

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