Depreciation @ 40% on vehicles used for running on hire to various parties without agreement allowable

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...