2012 (9) TMI 1222

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..... t of the Madras High Court in Commissioner of Income-Tax vs. Madan and Co. (254 ITR 445), the Income Tax Appellate Tribunal, Hyderabad Bench partly allowed the assessee s appeal in I.T.A.No.445/H/2002 by the order dated 31.09.2009, for the Assessment Year 1998-99 and declared that the assessee shall be entitled to depreciation at the rate of 40% on the vehicles leased out by it. The respondent .....

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..... t duration on payment of hire charges. Applying this ratio to the facts of the present case, the Tribunal allowed the assessee s appeal holding that that it was leasing out its vehicles as a part of its business and allowed the higher rate of depreciation, of 40%. In the circumstances, we find no question of law let alone a substantial question of law falling for consideration in this appeal pr .....

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