High rate Depreciation Not allowed on vehicles used for Advertisement

Tapan Kumar Biswas Vs ITO (ITAT Kolkata) The issue under consideration is whether the higher rate of depreciation can be granted to the vehicles used for the display of advertisement under the provisions of the Income Tax Act, 1961. In the present case, the assessee is an individual who is engaged in the business of advertisement through the display of banner, hoardings and mobile van. He has filed an income tax return for the relevant year where he claimed the higher rate of depreciation, i.e., 40% for the vehicles used for the display of advertisement where normally 15% was allowed in the Ac...