Additions / Higher rate of depreciation @30% on heavy vehicle ...

Claim Denied: Assessee Fails to Prove Heavy Vehicles Used for Hire; Depreciation Rate Revision Upheld u/s 263.

October 13, 2023

Case Laws Income Tax AT

Additions / Higher rate of depreciation @30% on heavy vehicle (Hyva and Tipper) - Main condition for availing of additional depreciation as carved out in the Act is that the motor buses/motor lorries and motor taxis are to be used in a business of running them on hire could not be satisfied by the assessee by way of any supporting documents like any hire charges - Denial of claim by invoking revision u/s 263 sustained - AT

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Additions / Higher rate of depreciation @30% on heavy vehicle ...

Claim Denied: Assessee Fails to Prove Heavy Vehicles Used for Hire; Depreciation Rate Revision Upheld u/s 263.

October 13, 2023

Case Laws Income Tax AT

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