Motor vehicle being a self-propelled vehicle eligible for depreciation @33.40%

ACIT Vs Apraava Energy Pvt. Ltd. (ITAT Ahmedabad) ITAT Ahmedabad held that motor vehicles qualify as self-propelled vehicles and accordingly depreciation at the rate of 33.40% available on the same. Facts- AO observed that assessee has claimed exempt income amounting to Rs.2,66,445/-. Further, from a perusal of the profit & loss account of the assessee, the AO observed that the assessee has claimed expenditure on account of interest payment on loans. Accordingly, after taking the submissions of the assessee on record, the AO made disallowance of Rs.41,23,26,600/- u/s. 14A read with Rule 8D...