Depreciation on Wheel loaders & Graders as Motor Vehicles

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 “commercial vehiclesâ...