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Depreciation @ 40% on vehicles used for running on hire to various parties without agreement allowable
Case Law Details
- Case Name
- M/s. Tirupati Construction Company Vs ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003-2004, 2004-2005, 2005-2006, 2006-2007 and 2007- 2008
- Courts
- All ITAT, ITAT Ahmedabad
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Depreciation @ 40% on vehicles used for running on hire is allowable even in absence of separate agreement with various parties to whom such vehicles are let out on hire
The case of the assessee is that it was giving its trucks and JCBs on hire to various parties and complete details thereof along with names and addresses of the parties from whom the carting income was earned, and details of the trips made by the vehicles, rate at which the income was earned by the assessee, has been recorded in the account book of the assessee, a copy of which has been filed in the compilation before the Tri...
