2000 (3) TMI 41

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..... s for our opinion : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law by upholding the order of the Commissioner of Income-tax (Appeals) holding that the appellant is entitled for depreciation at 30 per cent. and not at 40 per cent. as claimed by the assessee ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justif .....

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..... in the business of leasing plant, machinery and vehicles which were purchased by it and given on lease on rent to various industries concerned. During the relevant previous year, the assessee-company leased out vehicles worth Rs. 49,30,572. On the said vehicles, the assessee claimed depreciation at the rate of 40 per cent. as provided in Part I, item IIIE(1A) of Appendix-I of the Depreciation Sch .....

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..... gh the matter was listed 2/3 times at that time also none appeared for the assessee. The admitted facts are that the assessee has not given the vehicles in question on hire. The vehicles are rented out or leased out for some period on rent. In Appendix I to the Rules, item D(9) of Part I motor buses and motor lorries other than those used in a business of running them on hire the depreciation ra .....

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