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TMI Blog2018 (10) TMI 296X X X X Extracts X X X X X X X X Extracts X X X X ..... motor lorries and motor taxies, as provided in Entry No. III (3)(ii) of Part-A of Appendix-1. It is pertinent to note that the depreciation for motor buses, motor lorries and motor taxies has been provided under the Head-III Machinery and Plant, wherein Clause (ii) of Entry No.III (3) deals with the motor buses, motor lorries and motor taxies, while Clause 3(iii) concerns with commercial vehicles. As such, if the vehicles in question are not held to be falling in subclause (ii) of Clause (3), they would well fall in sub-Clause (iii) of the Clause 3 of Entruy No. III of Appendix-1, entailing even higher rate of depreciation to the assessee. The expression used in sub-clause (ii), namely motor buses, motor lorries and motor taxies is ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 13.12.2016. The Appellate Authority repelled the assessee s contention and affirmed the action of the Assessing Officer (AO) in confining the claim of the depreciation. He, however, additionally observed that the higher rate of depreciation was applicable only for motor buses, motor lorries and motor taxies used in the business of renting them on hire. Against the aforesaid order dated 13.12.2016 passed by the Appellate Authority, the assessee preferred second appeal before the Tribunal, which has been allowed, vide the order impugned. The learned Members of the Tribunal, while relying upon various judicial pronouncements held that the expression motor lorry used in the Appendix-1 includes dumper and the Volvo Machines a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f April, 1990 (3) (i) . .. (ii) Motor buses, motor lorries and motor taxis used in a business of running them on hire (iii) Commercial vehicle which is acquired by the assessee on or after the 1st day of October, 1998, but before the 1st day of April, 1999 and is put to use for any period before the 1st day of April, 1999 for the purposes of business or profession in accordance with the third proviso to clause (ii) of sub-section (1) of Section 32 [See Note 6 below this Table] It is not in dispute that the assessee has earned rental income from these vehicles. The requirement of the provision stands satisfied, in wake of such finding recorded by none other than the Assessing Officer hims ..... X X X X Extracts X X X X X X X X Extracts X X X X
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