Higher depreciation rate admissible on motor Lorries used in Lorry hiring business

ACIT Vs Bharat Carriers ltd (ITAT Cuttack)

Under sub-item 2(ii) of Item III of Appendix I of the Income Tax Rules, 1962, higher rate of depreciation is admissible on motor trucks used in a business of running them on hire. Therefore, the user of the same in the business of transportation of the assessee is the test.

In Board Circ

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