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TMI Blog2021 (12) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... s own business - whether the percentage of depreciation accepted by the CIT (Appeals) and Tribunal at 40% is correct or not? - HELD THAT:- Old appendix I applicable for the Assessment Year 2003-04 deals with different slabs of depreciation applicable to vehicles used for different purposes. After juxtaposing the schedule with the nature of activity carried on by the assessee, we are of the view that the finding of fact recorded by the Tribunal is in accordance with the said schedule and the substantial question of law in the facts and circumstances of this case does not arise for consideration under Section 260A of the Act. - ITA NO. 49 OF 2009 - - - Dated:- 15-7-2021 - THE HONOURABLE MR.JUSTICE S.V.BHATTI AND THE HONOURABLE MR. JUSTIC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im deduction under Section 80 HHC for an amount of ₹ 65,20,772/-? 2. Whether, on the facts and in the circumstances of the case and also in the light of reasoning contained in 265 ITR 114 (Bom) the assessee is entitled to claim depreciation at 40% on commercial vehicles used for assessee's own business? 4. The first substantial question of law raised in the appeal relates to eligibility of profits and deductibility of profits arising under Section 115JB of the Act; whether the assessee is entitled to claim deduction under Section 80HHC for an amount of ₹ 65,20,772/-. The second substantial question of law refers to whether the percentage of depreciation accepted by the CIT (Appeals) and Tribunal at 40% is correct or n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et aside the impugned judgment of the High 11 Court and restore the judgment of the Tribunal. Accordingly, the civil appeal of the assessee is allowed with no order as to costs. Civil Appeal No.6901 of 2012 [Arising out of S.L.P. (C) No.22881/2011] The civil appeal filed by the assessee is allowed in view of the judgements of this Court in the case of Ajanta Pharma Limited vs. 327 I.T.R. Commissioner of Income Tax, 305 and Commissioner of reported in [2010] Income Tax vs. Bhari Information Tech. Sys. P. Ltd., reported in [2012] 340 I.T.R. 593. Bhari Information Tech. Sys. P. Ltd. In the present case, we are concerned with section 80HHE which is referred to in the Explanation to section 115JA, clause (ix). In our view, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liged to take vehicles on hire for transporting its goods and merchandise. It means the vehicles deployed by the assessee in its business were carrying on the same functions of the vehicles taken on hire. Therefore, in the light of the interpretation given by the Andhra Pradesh High Court in the above case, we find that the decision of the CIT(Appeals) is just and proper. This ground fails. 6. Old appendix I applicable for the Assessment Year 2003-04 deals with different slabs of depreciation applicable to vehicles used for different purposes. After juxtaposing the schedule with the nature of activity carried on by the assessee, we are of the view that the finding of fact recorded by the Tribunal is in accordance with the said schedule ..... X X X X Extracts X X X X X X X X Extracts X X X X
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