ITAT allows Depreciation on Car against Income of Hired Cars

Transindia Freight Services Pvt. Ltd Vs DCIT (ITAT Mumbai) ITAT held that going by the principle of consistency in the stand taken by the Revenue in earlier as well as subsequent assessment years in scrutiny assessment proceedings, we hold that the income received from car rental of Rs.6,00,000/- is to be assessed as “income from business” and consequently, the assessee would be eligible for deduction of all expenses including depreciation as deduction under the head “business”. Accordingly, the grounds raised by the assessee are allowed. FULL TEXT OF THE ORDER OF ITAT MUMBAI This appe...