Depreciation on Wheel loaders & Graders as Motor Vehicles

Advertisement DCIT Vs Quippo Construction Equipment Ltd. (ITAT Hyderabad) The issue under consideration is whether the CIT(A) is correct in charging depreciation at the rate of 30% on wheel loaders and graders? The assessee company, engaged in the business of infrastructure/construction equipment rental services. During the course of assessment proceedings, the AO observed from the depreciation chart claimed as per the I.T. Act that the assessee has claimed depreciation @ 30% on commercial vehicles. He observed that the assets comprised of the following which are not in the nature of “com...