2020 (4) TMI 609

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..... e depreciation @ 40% - HELD THAT:- Concrete Pump etc. have been fitted by the assessee as per his own convenience but the same cannot be said to be a part of the commercial vehicle, whereas, the Chassis fitted on the vehicle is a part and parcel of the vehicle. In view of the above, the claim of the assessee of depreciation @ 40% on Concrete Pump and other related equipment, has rightly been red .....

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..... ing Officer's Worthy CIT (A) order are contrary to law and facts of the case. 2. The Ld. Assessing Officer's Worthy CIT (A) erred in adding back ₹ 59,25,797/- on account of excessive rate of depreciation claimed on concrete pumps, Equipment Vehicle at the rate of 40% under provisions of section 32 of the Income Tax Act, 1961. However, the Vehicles were heavy commercial veh .....

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..... concealed and the additions was only due/to the difference of opinion between Ld. A.O. and the assessee. Nothing was concealed to avoid any tax, so we pray that the very initiation of this penalty proceeding be order to be dropped. 5. The appellant craves leave to add to or amend the aforesaid grounds before disposal of the appeal. 3. A perusal of the above grounds of appeal reveal that .....

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..... @ 40%, as is allowable on commercial vehicle. However, the Assessing Officer did not agree with the above contention of the assessee. The Assessing Officer also disallowed depreciation claimed @ 40% on Chassis attached to the vehicle, whereupon, the Concrete Pump was fixed. 4. Being aggrieved by the above order of the Assessing Officer, the assessee preferred appeal before the Ld. CIT(A), ho .....

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..... of the above, the claim of the assessee of depreciation @ 40% on Concrete Pump and other related equipment, has rightly been reduced / disallowed by the lower authorities and the same has rightly been allowed @ 15%. However, so far as the Chassis is concerned, since the same is part and parcel of the vehicle, the assessee is entitled to depreciation @ 40%. We order accordingly. In the .....

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